NEW YORK (Reuters) - Oil surged to records near $120 a barrel on Tuesday on the weaker dollar, export disruptions from Nigerian rebel attacks and concerns a Scottish refinery strike could hit North Sea production.

Further support came from data showing demand in China, the world's No. 2 consumer, leaped 8 percent in March from a year ago, the fastest rate in 19 months as refiners boosted imports ahead of the Olympics.

U.S. crude settled up $1.89 at $119.37 a barrel after hitting an all-time peak of $119.90 earlier. London Brent crude gained $1.52 to settle at $115.95 a barrel, after rising to a record peak of $116.75.

Oil's fresh highs extended a rally that has seen prices climb more than five-fold since 2002, as booming demand from emerging markets such as China has coincided with long-term supply constraints.

The slumping U.S. greenback, which tumbled to fresh lows against the euro on Tuesday, has also helped boost dollar-denominated commodities like oil and attracted speculative inflows from hedge funds.

President George W. Bush on Tuesday said he was concerned about record-high crude oil and gasoline prices, and said the United States needs to tap an Alaskan wildlife refuge to boost supply.