5, April 2005	Tuesday	25 Safar 1426

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LONDON, April 4: Oil prices soared to all-time peak on Monday, climbing above $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 was trading $1.14 higher at $57.65.

NYMEX crude oil for September delivery— trading at a premium to the front month— hit $60.03, the first time a futures contract has topped $60.

Prices have surged in on a forecast last week by Goldman Sachs bank that prices could spike above $100 as global demand growth strains supply.—Reuters