Oil prices dipped from record highs on Tuesday but stayed close to the $60 threshold on persistent global supply fears as the market once more brushed aside another OPEC pledge to add barrels.

Light, sweet crude for July delivery fell 47 cents to settle and expire at $58.90 a barrel on the New York Mercantile Exchange. Heating oil futures fell 3.21 cents to $1.6297 a gallon on Nymex, while gasoline futures fell 1.82 cent to $1.6274 a gallon. On London's International Petroleum Exchange, Brent crude for August delivery dropped by 83 cents to $57.49 after the contract set a new high of $58.58 on Monday.

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