Positive Economic Data from US, UK Lift Oil Prices

At 8:56 am EDT, the price of crude had gained 0.5 percent to reach $72.85 a barrel and the price of heating oil had risen by 0.7 percent.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.02
Morning projection (for Monday’s price per gallon): UP $0.01

Crude and heating oil prices are back on the rise this morning, boosted by surprisingly positive economic news.  Second quarter Gross Domestic Product in the US and the UK shrank less than expected and new filings for American unemployment decreased last week.  This morning’s gains follow an upswing in oil prices late yesterday sparked by a US stock market rally and declining dollar.  Despite the gains, there remains little long-term support for oil and energy prices, as demand in the US remains dismal and crude and distillate supply levels remain sky-high.  Under these conditions, most analysts have identified the current range for crude prices as $70 to $75 a barrel.

HEAT USA price experts reported a small increase in retail heating oil prices today—a result of oil prices closing slightly higher on NYMEX yesterday.  They predicted another small increase in prices on Monday.