Oil Prices Rise as Dollar Weakens, Temps Fall

As of 8:54 am EST, the price of crude had climbed by 1.2 percent to reach $72.74 a barrel and the price of heating oil had increased by 1.4 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): Up $0.03

The dollar fell from its highest point against the euro in eight-and-a-half months, lifting the price of crude and heating oil. Since crude and heating oil futures are priced in dollars, a weak dollar makes them cheaper for investors who hold other currencies. Low temperatures and snowy weather forecast for the US Northeast, the world’s largest heating oil market, has also supported oil prices as investors anticipate an increase in demand for heating oil.

HEAT USA price experts report that demand concerns remain, and weekly inventory reports could drag down oil prices, but oil prices today could rise higher if the dollar continues its decline.