Oil Prices Down Ahead of US Economic Data

At 9:38 am EDT, the price of crude had dropped 0.2 percent to $74.19 a barrel and the price of heating oil had lost 0.5 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: UP $0.02
Morning projection (for Wednesday’s price per gallon): DOWN $0.01

The prices of crude and heating oil were down slightly this morning as traders waited for new consumer confidence data for the US that will serve as the next indicator of economic health in the world’s largest oil consumer.  Prices received support from gains on American stock markets and rising US home prices, but declining stock markets in Asia counterbalanced much of the support.  In addition to consumer confidence stats, API inventory data to be released this afternoon will determine Wednesday and Thursday’s prices.

HEAT USA price experts reported a small increase in prices today, and guessed that prices might decline slightly tomorrow, but noted that positive economic data could bring about much higher prices.