Crude Oil Closing Price Tops $56 a Barrel

June 16, 2005 4:00 PM, EDT

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rude oil prices closed at a two-month high Thursday on signs global fuel demand could exceed production capacity by OPEC and other exporters, Bloomberg reported.

Benchmark light sweet crude oil futures closed at $56.58 a barrel on the New York Mercantile Exchange, up $1.01 from Wednesday’s closing price, Bloomberg said.

It was the highest closing price since April 4, when oil futures hit an all-time record high of $58.28 in intraday trading, Bloomberg reported. Prices are 52% above the same time last year.

Heating-oil futures also climbed 0.4 cent, Bloomberg reported, and are 65% higher than this time last year. Heating oil and diesel fuel prices often parallel each other as they are both distillate fuels.