Oil Prices Follow Stock Market Gains

As of 9:05 am EST, the price of crude had risen by 0.5 percent to reach $79.09 a barrel and the price of heating oil had increased by 0.6 percent.

HEAT USA Price Report

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

The price of crude and heating oil climbed as Europe’s stock markets made gains on Tuesday. With few signs of change in supply or demand, oil traders have looked to equities and the value of the dollar to move oil prices. The dollar, after making early gains, has since weakened, which makes oil a more appealing investment as a hedge against inflation. Economic recovery continues at a sluggish pace, but many analysts believe the economy will only improve, boosting oil demand along with it, and that has kept oil prices from falling.

HEAT USA price experts report that inventory reports could bring new information on oil fundamentals and give prices a push in either direction. The API data will be released this afternoon, and the EIA report will follow on Wednesday morning.