Oil Prices Close Lower on Nigeria Cease-Fire, Falling Stock Market

The price of crude fell 1.6 percent to $69.14 a barrel and the price of heating oil lost 2.3 percent.

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

The recent flare-up of rebel attacks on oil infrastructure in Nigeria will likely come to a close, as a 60-day cease-fire will be observed during an amnesty program offered by the Nigerian government.  Resolution of the conflict (at least temporarily) allayed fears of further supply disruptions in Nigeria and drove down prices.  Profit taking on Wall Street sent US stock prices down, which also put downward pressure on oil prices.

HEAT USA price experts were happy to see their morning prediction of price increases proven wrong, and predicted a moderate decline in retail prices to take effect on Monday.