Oil Prices Continue Slide as World Markets fall

Both crude oil and heating oil fell by about 3% this morning, bringing the price for a barrel to $63.39 and heating oil dipped just slightly low the $2 mark for a gallon.  The cause of continuing price drops appears to once again be the imminent global recession.  From MarketWatch.com: “Oil fell ‘as global recessionary concerns intensified after a sharp slide in global equities,’ wrote analysts at Sucden Research in a note. ‘Oil prices are more or less tracking the movements of global equity markets at the moment, as market participants view the indices as a gauge for economic conditions and hence as indicators for future oil demand,’ they said.”

HEAT USA price experts confirmed an expected decrease in retail prices, and forecast further price reductions tomorrow.

HEAT USA Price Report
Today’s average heating oil price per gallon: DOWN $0.08 to $$0.10
Morning Projection (for Friday’s average price per gallon): DOWN $0.05