Oil Prices Edge Upward as Crude Halts Decline

As of 9:19 am EST, the price of crude had risen by .60 percent to reach $69.93 a barrel and the price of heating oil had inched up by .10 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: NO CHANGE
Morning projection (for Wednesday’s average price per gallon): Down $0.01

Oil prices are up this morning as the dollar dipped, giving crude oil a lift after nine straight days of falling prices, which is crude oil’s longest stretch of continuous decline in eight years. Cold weather in the Northeast has helped heating oil limit its losses on NYMEX, and the price of heating oil has been little changed in recent days. Continued cold weather—and the increased use of heating oil that would accompany it—could support higher oil prices, and investors are looking toward weekly inventory reports to find out if increased demand has cut into oil inventories.

HEAT USA price experts report that oil prices could stay relatively stable today as investors wait for Wednesday’s news, which will include the EIA’s weekly inventory report and an announcement from the Federal Reserve that could have a large impact on the value of the dollar, and therefore a large impact on oil prices.