Heating oil prices down

30/03/2009

Heating oil fell in value over the course of Monday trading, according to Reuters.

The newswire notes that heating oil dropped by almost three per cent in Monday trading, with New York Mercantile Exchange April heating oil HOJ9 down by 4.12 cents (2.91p).

Over the course of the day, prices for heating oil fell 2.88 per cent to $1.3916 a gallon.

Addison Armstrong, analyst at Tradition Energy in Stamford, Connecticut, tells the newswire: "Crude and products futures fell for the second day, pressured by a stronger dollar and a sharp sell-off in European equity markets."

Crude oil also saw losses over the course of the day, dropping 3.74 per cent for May delivery on the New York Mercantile Exchange to $50.42 a barrel.

And in London, Brent crude for May delivery fell 3.42 per cent, equivalent to $1.78, to trade at $50.20 per barrel.

The news follows early falls for futures on the New York Mercantile Exchange on Friday which saw the price per barrel dip below $54.