Oil Prices Rise as Dollar Weakens

At 9:06 am EDT, the price of crude had risen by 1.9 percent to $69.41 a barrel and the price of heating oil had gained 1.7 percent.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: NO CHANGE
Morning projection (for Wednesday’s average price per gallon): UP $0.03

The value of the US dollar receded this morning, once again driving up demand for oil and, as a result, oil prices.  The dollar weakened as traders wondered whether future hikes of US interest rates could sustain long-term dollar gains.  The European financial services company Societe Generale raised its end-of-year crude price prediction by $8.50 to $65 a barrel, which also supported prices.

HEAT USA price experts confirmed yesterday evening’s prediction of steady retail heating oil prices and forecast a moderate increase in prices tomorrow.