Oil Prices Little Changed After Jobs Report

As of 9:02 am EST, the price of crude had climbed by 0.4 percent to reach $73.44 a barrel and the price of heating oil had fallen by 0.1 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Down $0.08
Morning projection (for Monday’s average price per gallon): Down $0.01

Oil prices steadied after plummeting on Thursday in response to concerns over US employment. Data released Thursday showed that unemployment claims rose more than expected, and on Friday morning the Labor Department reported that US employers cut 20,000 jobs. Friday morning’s report did not move the markets very much, since yesterday’s dramatic drop in oil prices had already presumed weak employment figures in the US. Persistent unemployment threatens any economic recovery that would in turn raise oil demand and lift prices.

HEAT USA price experts report that optimism regarding the US economy at the beginning of the week has been reversed, causing oil prices to slide. However, cold weather is forecast for the US Northeast, which could swell demand for heating oil in the coming week and increase heating oil prices.