On the New York Mercantile Exchange, crude oil prices hit 67.10 dollars per barrel in early trading, the highest level since 1983 when the contract began trading.

NEW YORK, Aug. 12 (Xinhuanet) -- Crude oil futures rose to a record for a fifth straight session Friday, hitting 67 dollars a barrel on speculation that increased fuel demand might outpaced production.

    On the New York Mercantile Exchange, light, sweet crude oil futures for September delivery climbed 1.06 dollars to end at 66.86 dollars. Prices hit 67.10 dollars per barrel in early trading, the highest level since 1983 when the contract began trading.

    Meanwhile, on London's International Petroleum Exchange, the September Brent crude-oil futures contract rose 1.07 dollars to finish at 66.45 dollars a barrel. Intraday Brent oil prices touched 66.77 dollars a barrel, the highest since the contract was introduced in 1988.

    Oil prices soared because there had been a widespread concern over supply disruptions. At least 14 disruptions at US refineries were reported since July 20.

    While US refineries were operating at 95 percent of capacity last week, traders still worried fuel supplies would not be sufficient to meet surging demand during the summer peak time.

    Many analysts said there were profound supply-demand imbalances in the world and there was no sign of the imbalances being corrected anytime soon.

    However, some others said it was questionable that prices would breach 70 dollars a barrel with the end of the driving season and adequate heating oil stockpiles.

    A Bloomberg survey showed that more analysts expected oil to rise further next week as demand for gasoline and other fuels increased. Enditem