June 23, 2005 11:25 AM, EDT

Crude Oil Prices Hit $60 a Barrel For First Time

New Record High Reached on Demand Concerns

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rude oil prices hit $60 a barrel for the first time Thursday, news services reported.

The prices rose as demand concerns for the summer driving season grew on potential refinery strains, Bloomberg reported.

Benchmark light sweet crude prices on the New York Mercantile Exchange fell from the record to close at $59.42, up $1.33 from Thursday's close, Bloomberg said.

Heating-oil futures, a proxy for diesel fuel, also continued to rise, Bloomberg said.

(Click here for previous coverage.)