Oil Prices Bounce Back as Stock Markets Rally

Oil prices posted modest gains this morning, shadowing climbing stock markets in Europe and Asia.  The ripple effect from Friday’s downward revision of oil demand predictions by the IEA was keeping prices in check, but better-than-expected earnings reports from Goldman Sachs stimulated optimism that the worst of the recession may be over.  Oil prices may be in for big gains or big losses in the coming days, as the Energy Information Administration will release its Short Term Energy Outlook later today and OPEC will make its monthly predictions of oil demand public tomorrow.

At 9:13 am EDT, the price of crude oil had gained 0.14 percent to reach $52.12 a barrel and the price of heating oil had gained 1.19 percent.

HEAT USA price experts confirmed yesterday’s forecast for a small drop in retail heating oil prices today and predicted that this morning’s modest gains by oil prices will lead to a slight increase in retail prices tomorrow.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.03
Morning projection (for Wednesday’s average price per gallon): UP $0.02