PEAK OIL

Reuters: Oil Hits New Record High Of $58 A Barrel

MELBOURNE (Reuters) - Oil prices raced to a new all-time peak on Monday, climbing toward $58 a barrel as OPEC signaled it would discuss a second output rise to try to quell the market's relentless rally.

U.S. light crude hit a record $57.79 a barrel, surpassing Friday's high of $57.70, which was triggered by a forecast that prices could spike above $100 due to robust global demand and tight spare capacity.

At 10:01 p.m. EDT Sunday, U.S. crude was up 19 cents at $57.46.

"I would have thought prices would struggle to go much higher. The market fundamentals suggest lower prices," said Mark Pervan, an analyst with Daiwa Securities in Melbourne.

"I think they will struggle to get over $60 in the next couple of weeks -- that is a big psychological barrier."