Crude oil futures rallied to $54 a barrel in New York on Wednesday, propelled by fresh concerns about supplies of diesel fuel. Traders are concerned that demand for diesel remains strong and inventories relatively weak even as the beginning of summer driving season puts pressure on refiners to maximize output of gasoline, according to AP. «The concern is as refineries focus on gasoline, diesel will suffer,» said Phil Flynn, senior energy analyst for Alaron Trading Corp. in Chicago. «The market could take it better when it wasn't gasoline season.» July light, sweet crude futures on the New York Mercantile Exchange shot up as much as $2.03 to a high of $54 a barrel _ up 15 percent since May 20. July Brent crude on London's International Petroleum Exchange rose as much as $1.92 to a high of $52.65. The July heating oil futures contract, the pricing benchmark for most U.S. diesel, raced to a high of $1.5350 a gallon, up 8.55 cents. --More 2335 Local Time 2035 GMT
