Oil strikes new record near $120 on supply fears

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PERTH (Reuters) - Oil struck a record high at $119.93 a barrel on Monday, extending the previous session's rally, as a strike closed a major British oil pipeline and as new violence in Nigeria reignited supply fears.

Simmering tensions between the United States and Iran also helped boost oil prices.

U.S. light crude for June delivery rose 88 cents to $119.40 by 2324 GMT, after striking a lifetime high of $119.93 a barrel shortly after electronic trading resumed after the weekend.

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