Oil Prices Rise on Weak Dollar, Chinese Demand

As of 9:28 am EDT, the price of crude had risen by .41 percent to reach $80.83 a barrel and the price of heating oil had climbed by .83 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Down $0.02
Morning projection (for Tuesday’s average price per gallon): Up $0.02

Oil prices rose as the dollar continued its decline, and growing Chinese oil demand pointed toward global economic recovery. Chinese demand for diesel, in particular, pushed heating oil prices up since diesel and heating oil are both distillate fuels. The price of crude oil had dipped Monday morning, and its gains remain slight as it responds to financial factors rather than fundamentals.

HEAT USA price experts report that oil demand is still weak and the outlook for the global economy is unclear. Investors await corporate earnings reports this week for signals of economic recovery, including reports from Exxon Mobil and Chevron.