Crude futures stayed flat in Asia today and hugged a record closing price from last week as traders speculated rising global demand will not be met despite increased output assurances from oil cartel Opec.
Light, sweet crude for April delivery was up three cents in after-hours electronic trading to $56.75 per barrel on the New York Mercantile Exchange midmorning in Asia.
The benchmark commodity surged 32 cents to close at $56.72 per barrel Friday. Heating oil for April rose marginally to $1.5783 per gallon Monday.
Prices have risen by about a third this year, driven by a late cold snap across the United States, the world's largest energy consumer. They also have been underpinned by a weak dollar and rising global demand at a time when there is very little excess supply available.
Prices at petrol stations in the United States are at record levels, rising 13 per cent in the past two weeks.
Opec, which produces nearly 40 per cent of world oil, indicated on Thursday it was prepared to increase output by half a million barrels a day to appease the market.
Despite the announcement, prices soared to record levels Friday, the highest since oil began trading on the Nymex more than 20 years ago.