NEW YORK, May 19 (Xinhua) -- Crude oil futures settled at a record above 127 U.S. dollars a barrel Monday after waffling during the day on global supply concern.

    Light, sweet crude for June delivery rose 76 cents to close at a new record of 127.05 dollars a barrel on the New York Mercantile Exchange.

    In early trading crude futures hit 127.77 dollars a barrel, near the intraday record of 127.82 dollars set on Friday. Oil prices surged after the President of OPEC Chakib Khelil announced on Monday that the organization would not meet to discuss increasing oil production before its scheduled meeting in September.

    In London, Brent crude futures for June delivery settled at 125.07 dollars a barrel, trading up 8 cents.