Crude oil futures rose to a record high of 59.23 dollars a barrel Monday in New York.

On the New York Mercantile Exchange, crude oil futures for July delivery rose to a record of 59.23 dollars per barrel, up 76 cents.Oil futures closed at 58.47 dollars per barrel last Friday.

In London, the price of Brent North Sea crude oil for delivery in August rose by 24 cents to 58.00 dollars per barrel after reaching a new record of 58.58 dollars, the highest level since trading of Brent began in 1988.

Analysts expect oil prices to hit as high as 65 dollars per barrel soon on the condition that demand continues to strain the global production system.

The surges in oil futures, largely fueled by buying from speculators and funds amidst concerns about possible energy shortages during the fourth quarter, shattered hopes that the output lift decision by the Organization of Petroleum Exporting Countries (OPEC) would bring calm to the heating market.

At a meeting in Vienna on Wednesday, OPEC decided to raise its production ceiling by 500,000 barrels per day on July 1 and said it might repeat the move by September if oil prices remain at current levels or continue to rise further.

Source: Xinhua