The price of crude oil soared Tuesday, hitting a new record high above $119 a barrel in New York trading.

The price of crude oil for future delivery went to $119.48 cents a barrel.

Traders say a tight balance between demand and supply means oil prices jump when supplies seem threatened or demand rises.

Currently supply concerns are growing out of violence in Nigeria, reports that Russia will produce less oil this year, and a possible strike by Scottish refinery workers.

The Organization of Petroleum Exporting Countries says it will boost its current 32-million-barrel-a-day output by a bit more than one quarter by the year 2020.

That will help meet growing demand in the long term but has little effect on oil prices right now. OPEC officials say there is sufficient oil on the market and blames rising prices on speculators and the falling U.S. dollar.

Some information for this report was provided by AFP.