Oil prices creep up

World oil prices crept toward the 127-dollar level in Asian trade Monday amid predictions of costlier crude despite Saudi Arabia's disclosure that it had boosted production, analysts said.
New York's main oil futures contract, light sweet crude for June delivery, rose 33 cents to 126.62 dollars per barrel in afternoon trade.
The benchmark contract had peaked at a record 127.98 dollars on Friday before settling at an all-time closing high of 126.29 dollars.
London's Brent crude contract for July rose 21 cents to 125.20 dollars per barrel, after settling at 124.99 dollars on Friday. It had earlier climbed to an all-time high of 126.34 dollars.