US crude oil futures yesterday hit $60 a barrel amid high demand in the US for middle distillates, such as diesel and jet fuel, and worries about a worldwide lack of spare production and refining capacity.

The price spike will increase pressure on the Organisation of the Petroleum Exporting Countries to consider a second increase in its production ceiling, only a week after it agreed to boost the ceiling by 500,000 barrels a day, to 28m b/d.