LONDON (Reuters) - Oil prices soared above $59 a barrel to a record high on Monday, extending last week's surge as a threat against Western consulates in OPEC-member Nigeria jolted traders already worried about tight supplies.
Oil climbed more than 9 percent last week, or nearly $5, drawing buying interest from trend-following hedge funds as prices topped the previous early April high.
U.S. light crude for July delivery hit a front-month record $59.23 per barrel, before paring gains to stand up 58 cents at $59.05 at 1112 GMT.
Contracts for delivery in the last four months of the year, when oil demand seasonally picks up in the northern hemisphere, all traded above $60.
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