Oil Prices Climb on Weak Dollar, Stronger Stock Markets

As of 8:54 am EDT, the price of crude had risen by 0.9 percent to reach $72.82 a barrel and the price of heating oil had increased by 1.3 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Down $0.02
Morning projection (for Wednesday’s average price per gallon): Up $0.04

After falling every day last week, oil prices rebounded on Tuesday. A weaker US dollar supported higher oil prices, since it makes commodities priced in dollars (like crude oil and heating oil) cheaper for investors who hold other currencies. Stock market gains in Asia and Europe also lifted oil prices in overseas trading. The advancing stock market shows that concerns about global economic recovery, which dragged down stock markets and commodity markets last week, are beginning to fade. Tuesday’s rebound appears to be a correction from what some analysts considered the exaggerated decline in oil prices last week, since there is no positive economic news that the early morning rally can be pegged to.

HEAT USA price experts report that weekly inventory reports will be delayed one day because of the Independence Day holiday on Monday, so the API figures will be released on Wednesday and the EIA will issue its report on Thursday.