After continuing yesterday’s steady rise in interday trading, the price for a barrel of crude continued to increase overnight, peaking near $60. Official confirmation that the European Union has entered a recession seemed to spook oil investors early this morning, bringing crude prices down to just over $57 a barrel.

Data that OPEC member nations are in fact complying with an agreement to cut overall production by 1.5 million barrels a day and bargain-hunting may have contributed to a cautious recovery around 8:00 am this morning, putting crude near $59 a barrel. Heating oil was at $1.88 per gallon as of 8:42 am, a fraction above its opening price.

HEAT USA price experts confirmed a small up tick in retail heating oil prices this morning, and predicted a short decline in tomorrow’s prices after a flat trading day today.

HEAT USA Price Report
Today’s average heating oil price per gallon: UP $0.04
Morning Projection (for Monday’s average price per gallon): DOWN $0.01

Tags: commodities, crude oil, EU, European Union, HEAT USA, heating oil, oil prices, OPEC, recession

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