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SINGAPORE - World oil reached a new record price near US$121 a barrel on Tuesday amid growing supply concerns, analysts said.
New York's main oil futures contract, light sweet crude for June delivery, reached an all-time high of US$120.93 a barrel, but was later trading 24 cents higher at US$120.21 a barrel in late afternoon in Asia.
The contract broke the symbolic US$120 ceiling for the first time on Monday and closed at a record US$119.97 dollars on the New York Mercantile Exchange.
Traders said prices continued to gain ground in Asia on a number of supporting factors - including worries over security of oil exports from Nigeria, a key supplier to the US, and concern over ongoing strikes at key oil shipping hub Marseille in France.
Follow-through technical buying, after significant resistance levels had been surpassed, also pushed prices higher. - CNA/al
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