Cold Weather Lifts Oil Prices

As of 8:50 am EST, the price of crude had risen by .64 percent to reach $78.55 a barrel and the price of heating oil had increased by 1.16 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 $0.03

Oil prices continue to climb as cold weather covers the Northeast. Low temperatures have boosted heating oil demand, and that has supported higher prices for crude and heating oil. Inventories of distillates, which include heating oil and diesel, have declined each of the last two weeks. Signs of economic recovery in China also contribute to rising oil prices, since more economic activity means higher fuel demand. Weakness in the US dollar gave another lift to this morning’s oil prices.

HEAT USA price experts report that cold weather in the US Northeast will continue to create demand for heating oil, and that could sustain rising oil prices throughout the week.