Low Demand Drives Down Oil Prices

New economic data that reinforced slumping oil demand in the U.S., the world’s biggest oil consumer.  U.S. consumer spending declined for the sixth consecutive month, and the EIA announced on Friday that nationwide oil demand s down by 1.577 million barrels per day from this time last year.  The price of crude opened the trading day above $41, but fell in the late morning to $41.18 a barrel as of 10:53 am eastern time.

Supportive factors faded to the background today, as the threat of refinery strikes in the U.S. lessened and the effect of OPEC’s possible March production cuts dwindled.

HEAT USA price experts confirmed a small increase in today’s retail prices, and anticipated a moderate-to-large decrease in retail prices tomorrow.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.03
Morning projection (for Tuesday’s average price per gallon): DOWN $0.04