Oil Prices Steady After Last Week’s Decline

As of 9:02 am EDT, the price of crude had dipped .23 percent to reach $65.87 a barrel and the price of heating oil had dropped .25 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Up $0.00
Morning projection (for Tuesday’s average price per gallon): Up $0.01

Oil prices made slight gains this morning before reversing course and sinking below $66 a barrel due to stagnant demand and the mixed economic data released Friday in the United States. Though tension in the Middle East typically boosts oil prices, Iran’s missile test on Monday has had little influence on oil prices. Slow demand and high inventories outweighed any worries about turmoil in Iran, and remain the key determinants of oil prices. There will be little movement in the market until news of a significant change in demand.

HEAT USA price experts report that prices will remain stable until Tuesday afternoon, when the API’s inventory report is released. Last week’s surprise increase in inventories pushed prices down, and fewer analysts have ventured predictions regarding this week’s report.