Oil price hits new record - $117 a barrel

NEW YORK, Saturday (Reuters) - Oil prices hit a record high - $117 a barrel on Friday as jitters over Nigerian oil supplies outweighed a rally in the dollar and fears of an economic slowdown in giant energy consumer China.

US light crude settled up $1.83 at $116.96 a barrel, before hitting a record $117. London Brent crude gained $1.49 to $113.92.

Oil prices have more than quadrupled since 2002 as supply struggles to keep up with booming demand, especially in China and other emerging economies.

"The bulls still hold the cards," said Mike Fitzpatrick of MF Global in New York.