Welcome to the new look BoilerJuice website - if you have any comments or suggestions, please contact us here.
Welcome to the new look BoilerJuice website - if you have any comments or suggestions, please contact us here.
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.
Oil prices have continued to fall, dropping below the $125 (€79.67) per barrel mark.
A report by the US Energy Department found that demand had declined in recent weeks, contributing to a drop in the cost of a barrel of light, sweet crude by nearly $4 yesterday.
The closing price of $124.44 represented the lowest such figure since early June.
Commodity strategist David Moore was quoted by Bloomberg as observing that previous high prices have created a situation where demand is adjusting, "ultimately causing prices to be at a lower level".
"There seems to be an intangible factor here where sentiment has swung quite sharply in the past couple weeks," he added.
Fears that Hurricane Dolly would disrupt production in the Gulf of Mexico led to speculation over prices, but these have now subsided.
Earlier this month the head of the International Energy Agency told German newspaper Handelsblatt that although the cost of oil would ease over the next two years, the situation would "remain tight" until at least 2013.
Click here for home heating oil price trends
RSS newsfeed