Tuesday, May 6, 2008, Rabi-ul-Sani 29, 1429    

Oil passes $120 per litre, gas prices slip

New York—Oil futures surged to a new record over $120 a barrel Monday, raising concerns about higher prices for gasoline and goods and services throughout the economy. Retail gas prices fell more than a cent over the weekend, but oil’s advance increased the likelihood that pump prices would resume their climb.

Supply threats that emerged overseas and a weaker dollar sent light, sweet crude for June delivery to a new trading record of $120.36 a barrel on the New York Mercantile Exchange before futures retreated slightly to trade up $3.59 at $119.91.—Agency