Oil sets new record above $118 a barrel on supply concern

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Oil prices rose Tuesday to a all-time highs above $118 a barrel on concerns over supplies from some key producers.

Light, sweet crude for May delivery rose as high as $118.05 a barrel in electronic trading on the New York Mercantile Exchange, eclipsing Monday's all-time high of $117.83.

By the afternoon in Europe, the contract had eased to $117.51, up 3 cents on Monday's close of $117.48 a barrel. The May contract expires at the end of trading Tuesday.

In London, Brent crude futures added 2 cents to $114.45 a barrel on the ICE Futures exchange, after also setting a new record earlier in the day of $115.05.

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