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Posted by The Watchmen on May 5, 2008 at 2:20pm
NEW YORK (AP) -- Oil futures surged to a new record over $120 a barrel Monday, raising concerns about higher prices for gasoline and goods and services throughout the economy. Retail gas prices fell more than a cent over the weekend, but oil's advance increased the likelihood that pump prices would resume their climb.
Supply threats that emerged overseas and a weaker dollar sent light, sweet crude for June delivery to a new trading record of $120.21 a barrel on the New York Mercantile Exchange before futures retreated slightly to trade up $3.46 at $119.78.