Oil prices briefly climbed to record territory above $58 a barrel Monday, as concerns about growing demand and potential supply disruptions once again overshadowed improving crude inventories.

“I’ve been doing this for 22 years and I’ve never seen anything like this,” said oil analyst Ken Miller, of Purvin & Gertz in Houston. “I view this as a very unstable situation.”

Late in the day traders took profits and considered a possible production increase by the Organization of Petroleum Exporting Countries, sending light, sweet crude for May delivery down 26 cents to $57.01 a barrel on the New York Mercantile Exchange.

Prices had climbed as high as $58.28, topping the previous intraday record of $57.70 a barrel reached Friday, when futures settled at a record $57.27.

In London, Brent crude futures fell 28 cents to $56.23 a barrel on the International Petroleum Exchange.

With oil prices up nearly $15 a barrel since the year began, U.S. motorists are spending an average of $2.22 per gallon for regular unleaded gasoline and analysts believe pump prices could rise further as the summer driving season approaches.

Energy traders have attributed the recent runup to a wide range of concerns: a limited global supply cushion, growing demand in the United States and China and the weakness of the dollar against other currencies.

They also say increased speculation by hedge funds is magnifying the runup.

While the U.S. supply of crude oil has been growing steadily for more than a month, refiners are expected to draw down those inventories in the weeks ahead as they ramp up gasoline production to meet summer demand, said oil broker Ed Silliere of Energy Merchant Intermarket Futures in New York.

The surge in fuel prices has strained segments of the U.S. economy, such as airlines, independent truckers and low-income families, but rapid economic growth and improved energy efficiency have blunted the broader impact.

A vehicle passes an ExxonMobil refinery Monday in Baytown, Texas. With oil prices up nearly 5 a barrel since the year began, U.S. motorists are spending an average of .15 per gallon for regular unleaded gasoline and analysts believe prices could continue to rise as summer driving season approaches.