Oil Prices Rise After Weeklong Decline

As of 8:52 am EST, the price of crude had climbed by .35 percent to reach $78.27 a barrel and the price of heating oil had inched upward by .07 percent.

HEAT USA Price Report

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

After falling for all of last week, oil prices climbed Monday morning on a weak US dollar and forecasts that China will increase its oil imports. A weak dollar makes commodities priced in dollars, such as crude oil and heating oil, cheaper for investors who hold other currencies. Concerns about demand continue to weigh on the oil markets, as an extended cold spell across the northern hemisphere did little to bring down oil inventories, and a warming trend has only heightened those concerns.

HEAT USA price experts report that China could be the focus of oil prices all week, as China releases economic data on its fourth-quarter GDP, retail sales, and industrial production. Signs of growth in China’s economy would point to higher oil demand and could lift oil prices.