More Recovery Hopes Keep Oil Prices on the Rise

At 9:00 am EDT, the price of crude had gained 0.4 percent to $74.19 a barrel and the price of heating oil had risen by 0.3 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: UP $0.03
Morning projection (for Tuesday’s average price per gallon): UP $0.02

The price of crude continued to increase beyond the 2009 reached on Friday, and continued to move upward this morning as fresh optimism on economic recovery motivated buying on the commodities markets.  The new upbeat outlook on the US and world economies was motivated in large part by comments make on Friday by Fed Chairman Ben Bernanke that the worst of the recession is over.  A 3.5-percent year-over-year increase in Chinese oil demand calculated by Reuters from official data helped to support prices and drive up Asian stock markets as well.

HEAT USA price experts confirmed Friday’s prediction of a small-to-moderate retail price increase today, and warned more price increases could be in store this week.