Oil Rebounding After Monday’s Big Drop

Crude oil prices are rising rapidly after yesterday’s notable dip below the $90 mark.  The price for a barrel of crude was at $92.27 and still climbing as of 9:15 am eastern time.

The stock market also recovered from Monday’s steep drop-off, up half a per cent on the news that Federal Reserve would create the Commercial Paper Funding Facility to “buy unsecured and asset-backed commercial paper directly from eligible issuers,” according to cnbc.com.

HEAT USA price experts announced a drop in retail heat oil of $0.12 per gallon, but are already seeing wholesale price changes in reaction to crude oil’s early surge on the commodities market.  On average, a net decline of $0.06 from yesterday’s retail prices is expected.