LONDON, May 6: Oil set a new record high of $122 a barrel on Tuesday, the latest spurt in an advance that has seen prices double over the past 12 months.

US light crude for June delivery was up $1.79 at $121.76 a barrel, by 1412 GMT after earlier touching a record high of $122.

London Brent crude was up $2.29 at $120.28 a barrel, after an earlier record of $120.35.

—Reuters