Record London high for oil prices
 07 May 2008
Oil futures have soared to more than $120 (£61.30) a barrel for the first time ever in London.
The price of oil has continued to increase since the start of the year and Brent crude reached $120.18 a barrel in Tuesday trading.
Oil prices of light, sweet crude for June have also risen in New York to almost $121 per barrel this week, a new record high.
Supply concerns about Iraq, Iran and Nigeria are continuing to drive oil prices up, as the US economy starts to rally and economists predict an increase in demand.
Recent weakness in the US dollar has encouraged investors to buy into hard commodities such as oil.
Nigeria has witnessed a number of militant attacks on pipelines and oil wells in recent weeks, while Turkish forces have been involved in cross-border raids against Kurdish insurgents in northern Iraq.
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