Oil futures remained higher in early deals after US futures reached a fresh record high in late trade yesterday amid jitters over supply constraints and tight refining capacity. At 10.36 am, US benchmark August-dated contracts were up 41 cents at 59.85 usd, off the overnight record high of 60 usd. In London, August Brent-dated contracts were up 38 cents a barrel at 58.35 usd. "The price reflects the long term supply situation," Monument analyst Stephen Lewis said referring to the record amount of predicted demand in the fourh quarter. US oil futures yesterday broke through a new front-month high despite a rise yesterday afternoon in the weekly US natural gas stock inventory of 75 bln cubic feet. US oil prices hit a high of 60 after the data, before retreating into the close. "In a normal situation oil prices would retreat when natural gas stocks are higher," Lewis noted. Separately, on Monday, the OPEC president Sheikh Ahmad al-Fahd al-Sabah said that he would hold talks with other OPEC ministers on hiking output by another 500,000 barrels per day if prices remained high all week. On Monday prices were trading within a 58-59 usd range. OPEC's 11 members agreed last week to raise the group's production ceiling by 500,000 bpd on July 1, with the option of releasing another 500,000 bpd before September if prices remained high.