WTI nears $120 per barrel before retreat

Crude oil prices were up again on Monday on supply worries after a North Sea pipeline was closed due to a refinery strike in Scotland.

A separate strike in Nigeria, added to a pledge by militants there to continue attacks on oil facilities, also contributed to the higher prices.

West Texas Intermediate crude was up 18 cents to $118.70 per barrel near the close of floor trade on the New York Mercantile Exchange after rising to a new record at $119.39 per barrel overnight in electronic trade.

Brent crude added 38 cents to $116.72 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline futures dropped 2 cents to $3.03 per gallon, but at-the-pump prices in the United States were up 0.4 cent overnight to $3.603 per gallon, a new record and 66 cents higher than prices last year at this time.

Nymex June heating oil traded about even at $3.29 per gallon while June natural gas added 23 cents to $11.34 per million British thermal units.