Oil Prices Drop on Falling Stock Markets, Stronger Dollar

At 8:43 am EDT, the price of crude had fallen by 2.3 percent to $67.96 a barrel and the price of heating oil had lost 1.9 percent.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.04
Morning projection (for Tuesday’s average retail price per gallon): DOWN $0.03

Falling stock markets in the US and Europe, along with a stronger dollar, pulled down oil prices this morning, dropping the price of crude near the $68 mark.  A continuing military offensive by rebels in Nigeria against oil operations in the Niger Delta limited oil’s losses, however, by disrupting supplies.

HEAT USA price experts confirmed the moderate drop in retail prices predicted on Friday, and expressed hopes that this week might bring a leveling-off of oil prices, which many analysts and traders see as inflated.