Oil Prices Sink Along with Stock Markets

Oil prices dropped today, shadowing a decline in stock markets around the world.  Oil prices have followed stock markets closely in recent weeks as traders used the movement of stock indexes as an indicator of general sentiment about the economy. Goldman Sachs released a note today warning that weak fundamentals would make any rallies in oil prices this year short-lived, making oil futures less attractive to investors. A stronger dollar also contributed to lower oil prices today.

The price of crude fell 2.8 percent to close at $51.05 a barrel and heating oil closed 2 percent below last Friday’s closing price.

HEAT USA price experts were disappointed to see a recovery in oil prices from deep losses this afternoon, but were appreciative of the small decrease in retail heating oil prices that tomorrow will bring.

HEAT USA Price Report
Evening projection (for Tuesday’s average retail heating oil price per gallon): DOWN $0.02 to $0.03