Heating oil prices fall

30/10/2009

Heating oil prices fell 17 points to take the price to 207.70 cents per gallon this Friday (October 30th).

London Brent crude oil prices were $77.55 per barrel, a 49 cents decrease, on London's ICE Futures exchange, reports the Associated Press.

JBC Energy analyst David Wech said: "With the fervent mood sweeping oil markets on Thursday the F word - fundamentals - still seems to be far from many minds."

He added that oil still looks to be overpriced and despite the improved outlook it does not mean the US, or the rest of the world, is out of the woods.

Analysts will now await further data released later today to judge how far the economic situation has improved.

Earlier this week showed that the US Energy Department reported that distillate stockpiles, including heating oil, had decreased by 2.13 million barrels to lower inventories to 167.8 million.