New York's crude oil futures rose above 60 dollars yesterday, the first time above US$60 a barrel this year, amid concerns of supply.

New York's main oil futures contract, light sweet crude for delivery in April, rose 1.22 dollars to 60.07 dollars per barrel, above 60 dollars a barrel for the first time in seven weeks.

In London, the price of Brent North Sea crude for April delivery added 1.37 dollars to 59.35 dollars per barrel.

Iranian President Mahmoud Ahmadinejad on Wednesday pledged that his country would continue its nuclear program, in defiance to the due UN deadline for Tehranto suspend its uranium enrichment.

Last December, the UN Security Council passed Resolution 1737, imposing sanctions on Iran's nuclear and missile programs. It also set deadline, which is due on Wednesday, for Tehran to suspend its enrichment activities or face further sanctions.

Iran is OPEC's No. 2 producer following Saudi Arabia, pumping 4million barrels of crude oil and exporting 2.4 million barrels per day.