Oil Prices Close Higher on Draw on Crude Inventories

The price of crude gained 3.6 percent to close at $61.54 a barrel and the price of heating oil gained 4.8 percent.

HEAT USA Price Report

Evening projection (for Thursday’s average retail heating oil price per gallon): UP $0.07

US petroleum inventory data released by the EIA this morning showed a greater-than-expected 2.8 million barrel-decline in crude stocks, which drove up oil prices for the rest of the trading day.  Rallies on world stock markets and a declining US dollar also contributed to higher oil prices.  Crude and heating oil prices climbed steadily despite the fact that the EIA data showed increases in gasoline and distillate inventories.

HEAT USA price experts reported much larger than expected price increases that will go into effect tomorrow.