Oil Roars to $120 on UK Refinery Strike

Oil prices hit their 13th consecutive high today–$119.93–as a refinery strike in Britain shut down a third of the nation’s pipeline system. Continued instability in the Niger Delta has also kept the pressure on prices, despite a considerable strengthening of the dollar. CNN:

Light, sweet crude for June delivery rose to a record $119.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract eased back to $119.33 a barrel by midafternoon in Singapore, up 81 cents from Friday’s close of $118.52.

“We’ve got a confluence of a number of events that have really disrupted crude oil supply,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. “That’s what’s driving oil to a new record even though the U.S. dollar actually strengthened a bit.”

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.