Financial Times FT.com

Oil surges above $122 a barrel

By Chris Flood and Michael Hunter

Published: May 6 2008 09:35 | Last updated: May 6 2008 18:26

Oil hit a new peak above $122 a barrel on Tuesday, leading gains for agricultural commodities and base metals.

Nymex June West Texas Intermediate hit $122.73 a barrel before easing back to $1.87 higher at $121.84 while ICE June Brent gained $2.32 at $120.31 after hitting a new peak at $120.99.

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