Crude Oil Hits New Record, Closing at $58.47 a Barrel

Click here to write a Letter to the Editor.

rude oil hit a record Friday, closing at $58.47 a barrel, and gasoline and heating-oil futures also rose amid speculation refineries won’t be able to keep up with rising global fuel demand, including diesel, Bloomberg reported.

Benchmark light sweet crude oil futures reached an all-time high of $58.60 in intraday trading on the New York Mercantile Exchange before falling back to the closing price, which was $1.89 above Thursday’s close, Bloomberg said.

The previous record was $58.28 a barrel set in intraday Nymex trading April 4, which was followed April 11 by record retail diesel and gasoline prices of $2.316 and $2.28 a gallon, respectively.

Much of the crude oil surge is being driven by distillate fuels — a category that includes both diesel and heating oil — for which demand is growing faster than gasoline, Bloomberg reported, citing Department of Energy and oil company BP Plc statistics.

Heating-oil futures rose 2.75 cents Friday on the Nymex to $1.653 a gallon, just 4 cents short of the all-time record set April 4, Bloomberg reported. Those futures serve as a proxy for both diesel and jet fuel, another distillate.

Bloomberg also reported that a Royal Dutch Shell refinery in Deer Park, Texas, would close for 10 to 14 days for repairs following repairs in a heater coil Wednesday.

If producers fall short of refineries' demand, oil prices could continue to shoot up next week, and may breach $60 or even $70 a barrel, Bloomberg said, citing industry analysts.