Rising Stock Markets, Weak Dollar Push Up Oil Prices; Crude Touches 7-Month High Price

At 10:26 am EDT, the price of crude had gained 2 percent to reach $67.66 a barrel and the price of heating oil had risen by 3.3 percent.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.05
Morning projection (for Tuesday’s average price per gallon): UP $0.04

Coming off of its biggest Monthly gain since 1999, the price of crude continued to climb this morning, reaching a new 7-month high of $68.29 a barrel.  Gains on world stock markets and a weak dollar supported rising prices.  A gradual recovery of the manufacturing sector in China and recent decreases in US petroleum stockpiles continued to indicate to investors that recovery from the global economic downturn may have already begun.

HEAT USA price experts confirmed their prediction of a large increase in retail heating oil prices today and expect similar increases to take effect tomorrow.