Oil Prices Level Off After Morning Gains, Close Up Slightly

After posting large gains this morning following China’s announcement of a $600 billion bailout plan, crude and heating oil prices leveled off, dropped, and then rose again to close slightly above their opening prices.  Crude ended the day 2% higher, at $62.27 a barrel, and heating oil gained 1.3% to $2.01 a gallon on NYMEX.

HEAT USA price experts counted it as yet another up-and-down day, a trend that has become more common than not since the onset of the economic crisis three months ago.  They expect a small increase in tomorrow’s retail prices as a result of today’s market gains.

HEAT USA Price Report
Evening Projection (for Tuesday’s average heating oil price per gallon): UP $0.03