Stay up to date with our RSS newsfeed with articles for all home heating oil users including market/price news and environmental issues.RSS newsfeed
Expectations of a gradual increase in demand and a weaker US dollar mean oil prices will average around $65 (44.17) a barrel next year, according to the latest outlook.
Deutsche Bank analysts opted to increase their 2010 forecast by $10 a barrel, citing an upturn in global energy consumption as the main reason behind the decision.
According to Dow Jones Newswires, chief energy analyst Adam Sieminski said the market is still likely to come under pressure from high inventories and excess spare capacity.
However, he claimed that continuing Opec discipline and a tightening of supply and demand should be enough to see prices average around $65 during the course of the year.
Despite the upward revision, the new forecast may still provide some comfort for home heating oil customers, as it remains somewhat lower than many other recent outlooks.
Last month, US investment bank Goldman Sachs predicted that oil prices could rise as high as $85 a barrel by the end of this year, before averaging around $90 in 2010.
Click here for a home heating oil quote.
Every day we check the lowest 1000 litre price of home heating oil from all our suppliers in all regions and we log the minimum, maximum and average of all these prices. We then provide that information to you in a graph so you can make better decisions when buying your heating oil.More info