By VOA News

The price of oil rose above $120 a barrel for the first time Monday.

Prices gained more than $3 to go as high as $120.21 a barrel in New York trading.

Traders were concerned about possible oil shortages growing out of unrest in Nigeria and other nations.

Militant attacks in Nigeria have forced oil companies there to cut output.

The Bloomberg financial news service says oil prices are up 93 percent over the past year.

Some information for this report was provided by AFP, AP, Bloomberg and Reuters.
 

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