Oil soared to a record over $58 a barrel on Monday, adding pressure on producer cartel OPEC to hike supplies, before profit-taking by speculators eased prices into negative territory. U.S. crude on the New York Mercantile Exchange peaked at $58.28 a barrel -- the highest front-month oil futures price on record -- before ending the day down 26 cents to $57.01 a barrel. London's Brent crude slipped 28 cents to $56.23 a barrel. Prices have surged 5 percent since a forecast last week by Goldman Sachs bank that oil could eventually spike above $100 as global demand growth strains supply capacity. U.S. Treasury Secretary John Snow on Monday described high energy prices as "extraordinarily unwelcome" and said that they will take a toll on the economy's generally positive performance. "The American economy seems to be on a good path, but I do worry about energy," Snow told a tax executives' conference. "We're not an economy geared to $60 (a barrel) oil." --More 2329 Local Time 2029 GMT
