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http://www.moneyam.com/action/news/showArticle?id=844999

LONDON (AFX) - World oil prices surged to fresh record levels, approaching 61 usd a barrel in New York on heightened supply worries, and amid an election victory for the ultra-conservatives in OPEC heavyweight Iran.

New York's main contract, light sweet crude for delivery in August, shot up 76 cents to 60.60 usd a barrel in electronic deals today.

It had reached a historic high of 60.64 usd earlier today -- the highest level since it was first traded in 1983 -- after reaching 60.47 usd overnight.

In London, the price of Brent North Sea crude oil for delivery in August jumped 74 cents to 59.10 usd per barrel after earlier hitting 59.21 usd -- a new historic high.

Persistent supply concerns could push prices up even further, analysts said.

'People are getting more and more concerned about the second half. OPEC is going to be very streched in the fourth quarter to meet demand,' said Investec analyst Bruce Evers.

'I think we could see 65 dollars, 70 dollars quite quickly.'

Prices are reaching fresh records amid continued fears that refineries will struggle to turn enough crude oil into heating fuel to meet fourth-quarter demand amid the onset of the northern hemisphere winter.

Meanwhile, traders were keeping an eye on developments in Iran, the second biggest member of OPEC, after news yesterday that the ultra-conservative Tehran mayor, Mahmood Ahmadinejad was elected president.