Get your FREE instant online quote for home heating oil - we find the cheapest price in your area, saving you time, money and hassle!
Stay up to date with our RSS newsfeed with articles for all home heating oil users including market/price news and environmental issues.
Wholesale heating oil prices on the New York Mercantile Exchange were teetering above $2 (€1.34) a gallon during the Asian trading session this morning (November 13th).
A relative strengthening in heating oil prices came after sharp losses yesterday witnessed in all petroleum commodities.
Crude oil prices suffered as the dollar enjoyed a three-day rally which made commodities such as oil and gold less attractive, particularly to foreign buyers.
However, the currency's rise has been broadly recognised as a bear-market rally precipitated only by a round of profit taking in other high-yield currencies and not linked to a fundamental strengthening in the US economy.
Toby Hassall, a research analyst at CWA Global Markets in Sydney, told Bloomberg that demand for petroleum products in the US is still yet to recover.
"There is a lot of uncertainty as to what we can expect with the rate of recovery in Western oil demand, particularly the US," he commented.
Click here for a home heating oil quote.
RSS newsfeed