Oil Prices Split on Signs of Demand, Rise in Jobless Claims

As of 8:56 am EDT, the price of crude had fallen by 0.1 percent to reach $85.78 a barrel and the price of heating oil had risen by 0.4 percent.

HEAT USA Price Report

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

After Wednesday’s big gains in the oil market, driven by the drawdown in crude inventories, the price of crude and heating oil was little changed in early trading on Thursday. A strong dollar curbed interest in commodities, since it makes commodities priced in dollars (like crude oil futures and heating oil futures) more expensive for traders who hold other currencies. A rise in jobless claims also weighed on markets, but Wednesday’s inventory numbers have kept prices from dropping.

HEAT USA price experts report that the price of heating oil has fluctuated less than the price of crude in recent days, and has increased on Thursday morning while the price of crude oil has edged downward slightly. If the jobless figures and the dollar combine to push down crude prices, the price of heating oil may remain flat.