Oil Prices End Higher on Weak Dollar, Nigeria Violence

The price of crude rose by 2.6 percent to close at $69.24 a barrel and the price of heating oil gained 2.4 percent.

HEAT USA Price Report
Evening projection (for Wednesday’s average retail heating oil price per gallon): UP $0.04

Oil prices ended the day moderately higher than their opening positions as the US dollar weakened and continuing rebel attacks on oil infrastructure in Nigeria stoked fears of major supply reductions.  Prices also received support from expectations of a reduction in US crude oil inventories.  The US EIA will release official petroleum product inventory numbers for last week tomorrow at 10:30 am EDT.

HEAT USA price experts were disappointed to see that a late rally drove oil prices to post significant gains.  The predicted a moderate increase in heating oil prices to take place tomorrow.