Oil Prices Dip Slightly on Strong Dollar, Falling Stocks

At 9:14 am EDT, the price of crude had lost 0.3 percent, falling to $70.82 a barrel and the price of heating oil had dropped by 0.7 percent.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.04
Morning projection (for Friday’s average price per gallon): UP $0.02

The US dollar made a comeback against the euro as European stock markets dropped this morning, dragging oil prices slightly below their Wednesday closing prices.  Oil prices had risen in early trading, buoyed by a fall in Chinese diesel exports and residual effects of the drawdown in gasoline announced yesterday morning by the EIA.

HEAT USA price experts confirmed that yesterday’s late rally led to moderately higher retail prices this morning and predicted a small price increase to take effect tomorrow.