Crude oil inched to $60 a barrel on Monday on worries about crude supply and lack of global refining capacity, in spite of an increase in production quota by the members of the Organisation of the Petroleum Exporting Countries last week.

The benchmark US crude, Nymex West Texas Intermediate for July delivery, climbed 58 cents to $59.05 a barrel, having hit $59.23 at one point in Asian trade.