Oil prices raced to all-time peaks today of over $58 a barrel as OPEC producers said they had begun discussing a second output rise to try to quell the market's rally.
US light crude for May delivery on the New York Mercantile Exchange hit a record $58.18 a barrel, up 91 cents on the day.
London's Brent crude traded $1.14 higher at $57.65. NYMEX crude oil for September delivery - trading at a premium to the front month - hit $60.05, the first time a futures contract has topped $60.
Prices have surged since a forecast last week by Goldman Sachs bank that prices could rise above $100 as global demand growth strains supply capacity.
OPEC President Sheikh Ahmad al-Fahd al-Sabah said today oil ministers had begun telephone consultations on possibly increasing production by a further 500,000 barrels per day to cool prices.
"If there is a decision it should be in the next two weeks. For that, if there will be any new production, it should be in May," Sheikh Ahmad, who is Kuwait's energy minister, added.
The Organization of the Petroleum Exporting Countries raised output limits by 500,000 bpd to 27.5 million bpd in mid-March and left room for a second rise before a June ministerial meeting if prices failed to ease below $55.