Oil Prices Sink Again on Dismal Employment Numbers

Oil prices plummeted this morning in reaction to no data from the U.S. Department of Labor that showed 533,000 job losses in November, capping 1.2 million jobs lost over the last three months.  Crude oil had dropped 2% to $42.87 a barrel, and heating oil had fallen 1% as of 9:31 am eastern time.  The new employment statistics signified that the current recession may be more severe than previously expected, intensifying concerns of long-lasting demand destruction that could continue to drive prices down for months.

HEAT USA Price Experts confirmed a moderate drop in retail prices today and predicted smaller price decreases for next week.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.07 to $0.08
Morning projection (for Monday’s average price per gallon): DOWN $0.02