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March 3, 2005 4:00 PM, EST

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ight sweet crude oil futures closed at $53.57 a barrel on the New York Mercantile Exchange Thursday.

The price was the highest close since Oct. 26.

Crude futures had hit $55.20 in early trading Thursday, not far off the historical record of $55.67 a barrel set Oct. 25, Bloomberg reported.

Gasoline futures also jumped to their second record closing high in two days, rising 2.4 cents to $1.508 a gallon Thursday on reports of refinery disruptions that could limit supplies, Bloomberg said.

Diesel market analysts told Transport Topics earlier this month that gasoline prices would rise more than diesel in the spring.

Worldwide oil demand, particularly in China, was a strong factor in the 52-cent rise from Wednesday’s $53.05 closing price, Bloomberg said.

Crude oil futures have jumped 18% in the past month as OPEC and the International Energy Agency raised usage forecasts for the year, Bloomberg said.

Earlier Thursday in London trading, Brent North Sea crude oil futures also closed at a record high of $51.95 a barrel after reaching $53, an intraday record high, Bloomberg reported.