Oil Prices Rise on US GDP Growth

As of 8:52 am EST, the price of crude had climbed by 1.4 percent to reach $74.68 a barrel and the price of heating oil had risen by 1.0 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Up $0.01
Morning projection (for Monday’s average price per gallon): Up $0.03

Oil prices spiked this morning after it was reported that the US economy grew much faster than expected in the fourth quarter. According to the Commerce Department, US GDP grew by 5.7 percent, its fastest growth rate in six years. Economic growth would spur fuel demand in the US, which in recent weeks has been shrinking and bringing down the price of crude and heating oil. Oil demand has yet to recover, but futures prices on NYMEX are taking the improved GDP figures into account.

HEAT USA price experts report that this week may still see an overall decline in oil prices, which are also set to experience their first monthly decline since July. However, more news of economic growth will continue to support higher oil prices.