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Oil Hits Record Price --> 24 June 2005 (RFE/RL) -- Crude oil prices have hit a record level of $60 a barrel on the U.S. market amid strong demand.

Light sweet crude for August delivery hit the $60 mark on 23 June before slipping back. It closed at $59.42.

The new high broke a record set earlier this week of $59.70 after supply concerns and security issues in Nigeria.

Traders say that problems at some U.S. refineries might have contributed to the spike.

(compiled from agency reports)