Crude oil price hit a record high on Monday, closing at $59.18 a barrel in Asian trading fuelled by the fears that refineries can?t meet the demand.
US Light sweet crude for the delivery in July rose 71 cents to $59.02 a barrel on the NYMEX.
Heating oil, meanwhile, rose more than a cent to $1.668 a gallon while unleaded gas futures were also up a cent to $1.662 a gallon Monday.
"Bulls believe the only thing that can cool the market is an erosion in demand, but so far there are no signs of this," said Energyintel analyst Matt Piotrowski. "They also focus on OPEC's recent meeting as reinforcing the belief that the organization cannot cool prices."
The Organization of Petroleum Exporting Countries failed to soothe the market last week when it agreed to raise its daily output quota to 28 million barrels a day because its members had already been unofficially exceeding that level.
