NEW YORK, March 16 (Xinhuanet) -- Crude oil futures surged to an all-time high Wednesday as traders concerned that the increase in supply was not enough to meet rising demand.

    On the New York Mercantile Exchange, oil futures for April delivery rose 1.41 dollars to end at 56.46 dollars a barrel, the highest close since the contract was introduced in 1983. Prices touched 56.60 dollars a barrel during the session, a record intraday high.

    Meanwhile, on London's International Petroleum Exchange the April Brent crude-oil futures contract added 95 cents to settle at 54.80 dollars a barrel, the highest since the contract began trading in 1988. Brent oil futures reached 54.95 dollars per barrel, a record intraday price.

    On Wednesday, oil prices rose sharply even as the Organization of Petroleum Exporting Countries (OPEC), which met in Isfahan, Iran, agreed to boost production by 500,000 barrels a day. Traders and analysts concerned that the increase couldn't meet rising global demand. "There is little OPEC can do to get more on the market," said an energy expert in New York. "The increase in quotas only highlights their lack of spare capacity."

    The government report that US gasoline inventories fell more than expected last week further pushed oil prices higher. The Department of Energy said US gasoline supplies dropped 2.9 millionbarrels, more than the 1 million-barrel decline analysts had expected.

    In New York, oil futures remained 51 percent higher than a yearago. US crude-oil stocks increased to 305.2 million barrels last week, the highest since June. Enditem