Oil prices soared to a record high of $62.30 a barrel in New York trading on Monday after Saudi Arabia's King Fahd died. In London, Brent crude also hit a record high price $60.98 a barrel.
Prices rose more than $1.5, even though analysts expect no changes in Saudi oil policy.
Saudi Arabia is the world's largest oil exporter and a key member of the Organization of Petroleum Exporting Countries.
Rising demand and supply concerns have pushed oil prices upward by 40 percent over the past year.
Some information for this report provided by Bloomberg and AFP.