Oil Prices Recover as Dollar Slides

As of 9:01 am EDT, the price of crude had risen 2.34 percent to reach $71.34 a barrel and the price of heating oil rose 2.3 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Down $0.06
Morning projection (for Wednesday’s average price per gallon): Up $0.03

Crude oil prices recovered from the previous day’s drop, helped by a weak dollar that hit a one-year low against the euro. Despite the favorable trading climate, the still-meager demand for crude oil and large inventories kept oil’s gains low. While fluctuations in the dollar will affect the price of crude, weak demand has effectively placed a ceiling on its price, say analysts. Heating oil has followed crude oil’s lead, dropping substantially before rallying on the back of a declining dollar.

HEAT USA price experts reported that crude oil’s decline yesterday led to today’s drop in the price of heating oil, but both prices have gained ground on NYMEX today, which will increase tomorrow’s heating oil price.