Oil Prices Continue Climb, Crude Closes at New 7-Month High

The price of crude gained 3.3 percent to close at $68.58 a barrel, its highest closing price since November 4, 2008.  The price of heating oil rose by 5.6 percent.

HEAT USA Price Report
Evening projection (for Tuesday’s average retail heating oil price per gallon): UP $0.11 (from Friday’s closing price)

Rising stock markets, a weak dollar, and positive data from the manufacturing sectors of China, Europe, and the US all helped oil prices continue on their steep upward trajectory today.  Hopes of soon-to-come economic recovery continue to sustain high oil prices, as US Energy Secretary Steven Chu explained to CNBC.com:
“My guess is that the recent increases (in oil costs) are reflecting more signs that the economy is stabilizing and will increase in perhaps a year or so”.

HEAT USA price experts reported a huge jump in retail heating oil prices today, with fresh market gains making for a doubling of the price increase that went into effect early this afternoon.