John Wilen
Associated Press
May 5, 2008

NEW YORK (AP) — Oil futures surged to a new record over $120 a barrel Monday as supply threats emerged overseas and the dollar weakened against the euro. Retail gas prices, meanwhile, fell more than a cent over the weekend, offering further evidence that prices may have peaked for the year.

Light, sweet crude for June delivery rose to a new trading record of $120.21 a barrel on the New York Mercantile Exchange Monday before retreating slightly to trade up $3.52 at $119.84.

“The (oil) market is bolstered by news out of Iraq, where Turkish forces have once again been involved in cross-border raids against … insurgents, and Nigeria, where rebels attacked three oil wells and pipelines feeding (an) export terminal over the weekend,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn., in a research note.

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