Oil Prices Recovering After New Record Low

Crude and heating oil prices are on the rise this morning, but only after crude hit $47.36 a barrel in interday trading, its lowest price since May 2005.  Market pessimism stemming from OPEC’s non-action at its meeting on Saturday and news released yesterday that the U.S. recession officially began in December of last year combined to drive down prices for the duration of overnight trading.  Rallies in European stock markets and early gains on U.S. markets injected oil markets with a dose of optimism this morning, stimulating modest price gains.

The price of crude was up 1% and the price of heating oil was up 1.5% as of 9:30 am eastern time.

HEAT USA price experts confirmed a large drop in retail heating oil prices this morning, and predicted small increases in tomorrow’s prices.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.10
Morning projection (for Wednesday’s average price per gallon): UP $0.03