Oil Prices Continue Climb on More Positive Economic News

At 9:03 am EDT, the price of crude had climbed 2.7 percent to $58.24 a barrel and the price of heating oil had risen 2.3 percent.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.01
Morning projection (for Monday’s average price per gallon): UP $0.02New macroeconomic data helped brighten the economic picture in the US and lift oil prices in anticipation of a wider economic recovery that will spur a revival of demand for oil.  The completed “stress tests” of major US banks showed banks to be in better condition than previously thought and employers cut fewer jobs than expected in April, both of which are being signs of a gradually improving global economic situation.  Rising stock markets in the US and Europe reflected a feeling of optimism.  However, the global recession is still firmly in place, as US unemployment actually increased in April and is currently at 8.9 percent, its highest level in over 25 years.  Global oil demand is still in the gutter and petroleum stockpiles are still brimming, due to dismal demand.

HEAT USA price experts confirmed yesterday’s prediction of a small increase in retail prices and predicted a moderate increase in Monday’s retail prices following today’s market gains.