Oil prices go above $127 a barrel

NEW YORK: US crude oil futures settled at a record level of above $127 a barrel on Monday after waffling during the day on global supply concern.

Light, sweet crude for June delivery rose 76 cents to close at a new record of $127.05 a barrel on the New York Mercantile Exchange. In early trading crude futures had hit $127.77 a barrel, near the intra-day record of $127.82 set Friday.

Oil prices surged after the President of OPEC Chakib Khelil announced Monday that the organisation would not meet to discuss increasing oil production before its scheduled meeting in September.  

In London, Brent crude futures for June delivery settled at $125.07 a barrel, trading up 8 cents.