"One may say supply/demand concerns, but I think panic pushed it (July West Texas Intermediate) close to $60/bbl yesterday, and now people are taking a more objective look at the market."
An Asian trader said referring to benchmark US crude futures settling at a fresh record high of $59.37/bbl in New York on Monday.
See more industry/OPEC viewpoints at http://www.platts.com/Oil/Resources/Quote%20of%20the%20Day/