Global crude pierces $58 a barrel
New York: Global oil prices crossed record highs of $58 a barrel briefly amid concerns about growing demand and potential supply disruptions.

However, on the back of profit booking and possible hike in output by OPEC, light, sweet crude for May delivery was down 26 cents to $57.01 on the New York Mercantile Exchange.

Prices had climbed as high as $58.28 on Monday at the NYMEX. That crossed the previous intra-day record of $57.70 a barrel reached on Friday, when futures settled at a record $57.27.

Prices have gained more than $3 since Thursday when top energy derivatives trader Goldman Sachs released a report saying oil markets might have entered a "super-spike" period that could eventually drive them toward $105.
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