Oil prices ease after record highs

OIL prices eased back below $59 a barrel as the market paused for breath following the record highs hit on Monday.

Some analysts expect the price to go above $60 per barrel anytime soon, driven by fears of shortages toward the end of the year.

The beginning of the week saw prices surge past $59 for the first time, hitting a peak of $59.52 in New York.