Crude Oil Tops $58 a Barrel

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il prices reached a record $58.28 high in intraday trading Monday before receding to close at $57.01, Bloomberg reported.

Crude oil futures for May delivery hit $58.28 a barrel on the New York Mercantile Exchange, Bloomberg said. They had reached $57.60 on Friday, which was then a record high.

Meanwhile, one analyst told CNBC Monday that $60 a barrel was more likely than $50 in the near future.

Tom Kloza, editorial director of Oil Price Information Service, told CNBC Monday morning that due to high crude prices, gasoline could surge another 15 cents this month.

He told the network that crude oil prices had been pushed higher in large part because of big investments into the market.

Meanwhile, in response to high crude prices OPEC ministers will discuss this week a possible increase in production quotas, Bloomberg reported.

Also in London Monday, Brent North Sea crude oil prices reached $57.05 a barrel, the highest on record, Bloomberg said.