Archive - Jun 19, 2005

Mon Jun 20, 4:29 PM ET

NEW YORK (Reuters) - Oil prices set a new record high on Monday as worries about a winter fuel crunch stoked buying by hedge funds and forced OPEC to consider lifting supply quotas again.

U.S. light crude moved to a record for the second successive session, hitting $59.52 a barrel, before paring gains to settle up 90 cents at $59.37. London Brent futures rose 56 cents to $58.32 a barrel, having hit a peak of $58.58.

U.S. contracts for the last four months of the year, when oil demand seasonally picks up in the Northern Hemisphere, all traded at $60 or above, with December crude breaking $61.