Crude oil prices nudged to $60 a barrel in trading on the New York Mercantile Exchange on June 20.

The prices hit $60 per barrel before dropping slightly to $59.45. Prices have risen by more than $10 per barrel in the past month.

The Organization of Petroleum Exporting Countries said on Monday that it would consider raising its output in an attempt to slow the market. The cartel raised prices last week, but with little effect.