| GEO Business|
| Oil price near record highs|
| Updated at: 1313 PST, Wednesday, May 07, 2008|
SINGAPORE: World oil traded only a little below 122 dollars per barrel Wednesday after concerns over supply in key producer Nigeria helped push prices to record highs in frenzied trading, dealers said.
New York's main oil futures contract, light sweet crude for June delivery, was 21 cents lower at 121.63 dollars in afternoon Asian trade.
The contract closed on the New York Mercantile Exchange Tuesday at a record high of 121.84 dollars after leaping to 122.73 dollars, an all-time intra-day high.
Brent North Sea crude for June fell 15 cents to 120.16 dollars per barrel. The contract had earlier reached a new peak of 120.99 dollars before settling at a record closing high of 120.31 on Tuesday in London.
Runaway oil prices have almost doubled in the past year and have surged by more than 20 dollars since the start of 2008.
Record-breaking oil prices have sparked widespread international concern among consumer nations amid predictions that they could rise perhaps as high as 200 dollars per barrel.
Kuwaiti Oil Minister Mohammad al-Olaim last week said OPEC may hold an extraordinary meeting on oil prices before a scheduled conference in September, and did not appear to rule out higher production.