NEW YORK (AP) ‘ Oil futures surged to a new record over $120 a barrel today, 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 $120.21 a barrel on the New York Mercantile Exchange before futures retreated slightly to trade up $3.46 at $119.78. Oil’s sharp rise this year has driven gas prices to unprecedented levels, prompting consumers to reconsider summer vacation plans and limit daily excursions; they’re also spending less at malls and shopping centers because they’re paying more not just for fuel, but for all kinds of goods and services. The mix of factors that drove oil to its latest record were a microcosm of the forces that have nearly doubled oil prices from their levels of about $62 a barrel one year ago.
