Oil price strikes new record high above 122 dollars
'Pakistan Times' Wire Service

LONDON: Oil prices hit a record high 122 dollars here on Tuesday as the market was driven by concerns over violence in key producer Nigeria and a struggling US currency, analysts said.

After spiking to a fresh high, New York's main oil futures contract, light sweet crude for June delivery, pulled back to stand at 121.65 dollars per barrel, still up 1.68 dollars from Monday's close.

London's Brent North Sea crude for June also reached an all-time high, at 120.41 dollars, before slipping back to 120.07 dollars for a gain of 1.94 dollars.

The latest records beat all-time highs set earlier Tuesday.●