Oil surged to a record of more than $117 a barrel on Monday amid concerns about the outlook for supplies from Saudi Arabia and production disruptions in Nigeria.

Nymex May West Texas Intermediate hit a record $117.60 a barrel but profit taking later dragged WTI down 50 cents to $116.19 while ICE June Brent lost 48 cents at $113.44 a barrel after touching a fresh peak of $114.86.