Heating oil prices rise slightly

02/11/2009

Heating oil prices rose 176 points to take the price to 202.28 cents per gallon this Monday (November 2nd).

London Brent crude oil prices were $75.87 per barrel - a 67 cents increase - on London's ICE Futures exchange, reports the Wall Street Journal.

Investors have suggested that crude oil prices could move lower than $75 this week and continue to trade in the $70 to $75 range for the remainder of the month.

Clarence Chu, a trader at Hudson Capital Energy, said: "I do expect eventually it will pull back to around $70 a barrel."

Improvements have been seen in the US economy recently, which has helped oil prices to maintain their levels. However, analysts have stated that demand has yet to sufficiently recover to justify oil prices at the $80 mark.

JBC Energy analyst David Wech said last week that oil prices were overpriced and although economic improvements have been seen there was still some way to go to full recovery.