Oil prices marched to new heights, hitting a new intraday high near $60 a barrel even as the president of OPEC said Monday the group will consider raising its output ceiling by 500,000 barrels as early as this week.

Light sweet crude for July delivery climbed 90 cents to settle at $59.37 a barrel, a record close on the New York Mercantile Exchange, where oil futures have been traded since 1983. In London, Brent crude for August delivery settled 45 cents higher at $58.32 per barrel on the International Petroleum Exchange.

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