Financial Times FT.com

Oil nears $120 as market tightens

By Chris Flood in London

Published: April 22 2008 10:38 | Last updated: April 22 2008 20:25

Supply concerns and evidence of rising demand from China drove oil to a record and within striking distance of $120 a barrel while grains prices also rose strongly but gold remained rangebound .

Nymex May West Texas Intermediate reached $119.90 a barrel before easing slightly to trade $1.89 higher at $119.37. The May contract was due to expire on Tuesday and June WTI reached a session high of $118.98, up $2.35.

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