The Dow Jones Industrial Average rose over 500 points today, helping to pull up crude and heating oil prices, which rose 5% and 3%, respectively.  An EIA report released today showed that “demand destruction is still occurring,” said Tradition Energy analyst Gene McGillian, quoted on CNBC.com.  But a lower-than-expected increase in US crude inventories and the announcement of plans for another OPEC meeting on November 29th stimulated enough confidence to bring about an up day for crude and heating oil.

HEAT USA price experts noted another day of steep ups and downs for oil prices, and expected a small increase in retail prices tomorrow.

HEAT USA Price Report
Evening projection (for Friday’s average heating oil price per gallon): UP $0.04

Tags: commodities, crude oil, Dow Jones Average, EIA, HEAT USA, heating oil, market, oil prices, stock market

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