After-hours trading drove the price for a barrel of crude down to $55.64, after it settled at $56.16 at the market’s close.  The price for a gallon of heating oil also dropped sharply, losing over 5% on the day and settling at $1.83.  Reduced predictions of oil consumption by the US EIA and IEA further intensified fears of a major worldwide recession.

“Fear global recession is worsening day by day is driving this market down.  Demand for oil is deteriorating week by week,” said Rob Laughlin, senior oil analyst at MF Global, quoted on CNBC.com.

HEAT USA price experts were pleased to announce a hefty drop in retail prices for tomorrow.

HEAT USA Price Report
Evening projection (for Thursday’s average retail price per gallon): DOWN $0.10

Tags: commodities, crude oil, EIA, HEAT USA, heating oil, IEA, market, oil prices, recession

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