Crude at record high of $57.79/bl

Crude prices climbed to record highs for the second day on concern that rising output from OPEC may be inadequate to meet peak summer demand.

According to a report on the website of Bloomberg, crude for May delivery jumped as much as 52 cents to $57.79 per barrel on the Nymex. Traders feel that prices could touch $60 per barrel this week.

Brent crude for May settlement added 27 cents to $56.78 a barrel on London's International Petroleum Exchange (IPE). Prices touched a high of $56.89 earlier today - the highest price since futures were introduced on the IPE in 1988, the report added.