Oil prices rise to new record near US$121 a barrel on supply worries (Oil-Prices)

SINGAPORE _ Oil futures have hit an all-time high near US$121 a barrel in Asian trade on worries about threats to supply and a weakening of the U.S. dollar.Light, sweet crude for June delivery rose to a record US$120.93 a barrel in electronic trading on the New York Mercantile Exchange on Tuesday.The contract later retreated to US$120.47 a barrel, up 50 cents from Monday`s close.Analysts say the surge in oil prices was partly driven by hopes that the U.S. economy will be spared a sharp downturn