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Oil Rises Above $120 to Record on Concern Over Nigeria Attacks May 5 (Bloomberg) -- Crude oil rose above $120 a barrel to a record in New York on concern that production disruptions in Nigeria, Africa's biggest producer, will limit supplies. Crude oil for June delivery rose $3.60, or 3.1 percent, to $119.92 a barrel at 11:18 a.m. on the New York Mercantile Exchange. Futures touched a record $120.21 a barrel in intraday trading. The price has gained 94 percent in the past year. Oil also climbed as the dollar weakened against the euro and a report showed that U.S. service industries unexpectedly expanded in April, signaling stronger economic growth. Oil is priced in U.S. dollars. The dollar traded at $1.5496 per euro at 11:19 a.m. in New York, from $1.5424 on May 2. The dollar has lost 14 percent against the euro over the past year. Foreign nations ``aren't feeling the effect as much of these high prices,'' said James Cordier, president of Liberty Trading Group in Tampa. ...
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