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Oil price hits new record high near $121

PUBLISHED ON: May 6, 2008 | Duration: 2 min, 38 sec

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Oil prices spiked to a record high $122.49 in London on Tuesday as the market was driven by concerns over violence in key producer Nigeria and the weak US currency, analysts said. After hitting the fresh high, New York's main oil futures contract, light sweet crude for June delivery, pulled back slightly to stand at $122.35 per barrel, still up $2.34 from Monday’s close.
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