Crude Oil Prices Reach Another Record

April 1, 2005 3:00 AM, EST

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rude oil prices reached an all all-time high Friday on concerns that rising demand may outstrip refinery production during peak demand season this summer, news services reported.

Benchmark light sweet crude oil futures touched $57.70 on the New York Mercantile Exchange, topping the $57.60 record set March 17, Bloomberg reported. Oil futures closed at $57.25.

Gasoline futures also hit a record Friday, touching $1.736 a gallon, the highest since trading began trading in 1984, Bloomberg said.

Retail gasoline prices also have continued to rise as refiners pass on their higher costs, Bloomberg said. Pump prices for regular grade gasoline rose 0.5 cent to a record $2.164 a gallon Thursday, according to AAA.

Analysts told Bloomberg refiners may boost fuel output in April and May to take advantage of high profit margins.