Singapore-Oil prices hit an all-time high near $120 a barrel after a weekend refinery strike closed a pipeline system that delivers a third of Britain’s North Sea oil to refineries in the U.K.


Light, sweet crude for June delivery rose to a record $119.93 a barrel on Monday in electronic trading on the New York Mercantile Exchange. The contract eased back to $119.32 a barrel by midmorning in Singapore, up 80 cents from Friday’s close of $118.52.

BP (nyse: BPnews people ) PLC on Sunday shut down the pipeline that carries more than 700,000 barrels of oil a day because of a 48-hour walkout by employees at a refinery in central Scotland.


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