Oil Rally Continues, Crude and Heating Oil to Post Weekly Gains

As of 8:51 am EDT, the price of crude had increased by 0.1 percent to reach $74.63 a barrel and the price of heating oil had risen by 0.6 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Up $0.08
Morning projection (for Monday’s average price per gallon): Up $0.02

Oil prices continued to climb on Friday, still buoyed by news from previous days that fuel demand in the US was picking up and that China would keep its investments in Europe. After weeks of dropping prices, such modestly good news was enough for oil prices to rebound. The price of crude oil is set to increase by 6 percent this week, and heating oil prices have followed a similar trajectory. Stock markets in Asia and Europe continue to perform well on Friday, and the close ties between stock markets and oil prices—oil demand rises as the economy improves—mean that oil prices are likewise moving higher.

HEAT USA price experts report that crude oil and heating oil prices are still well off the high points seen in late April and early May. The volatility of recent weeks has made investors uncertain about the direction of oil prices next week. After such a brisk climb this week, the price of oil may be due for a downward correction.