Singapore: World oil reached a new record price above $120 a barrel today as concerns over the United States economy eased, analysts said.

New York's main oil futures contract, light sweet crude for June delivery, reached an all-time high in electronic trade of $120.3 a barrel, breaking the last record of $120.20 reached during intraday trade yesterday.

After breaking the symbolic $120 ceiling for the first time, the contract was trading today in Asia at $120.15 a barrel against a record closing price of $ 119.97 reached yesterday on the New York Mercantile Exchange.

In London yesterday, Brent North Sea crude for June delivery hit an intraday record high of $118.58 before settling up $3.43 at a record $117.99.

Trading volume in London was light as Britain marked a bank holiday. Oil futures prices on both sides of the Atlantic have nearly doubled in a year.

Source : PTI