June 24, 2005 3:10 AM, EDT

Crude Oil Hits $60 a Barrel For a Second Day

Diesel Demand Remains Strong, Could Reach Record

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rude oil prices hit $60 a barrel Friday for a second day after hitting that milestone for the first time Thursday, news services reported.

Diesel demand remained strong and the Oil Price Information Service predicted that diesel prices would set a new record this weekend.

Benchmark light sweet crude futures on the New York Mercantile Exchange closed Friday at $59.84 a barrel, up from Thursday’s $59.42 closing price, Bloomberg reported.

The Department of Energy’s next fuel survey for diesel and gasoline will be released Monday.

Diesel’s latest reported retail average price this past Monday was $2.313 a gallon, just 0.3 cents below a record high set April 11.

(Click here for previous coverage.)