Singapore: Oil prices have 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 28 April 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 25 April’s close of $118.52.
BP 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.
The shutdown comes amid other supply outages that have helped to support oil against a strengthening dollar.