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Oil Prices Fall With The Temperature
Oil prices went down but stayed around $51 a barrel with cold weather in the U.S. increasing heating oil consumption.
Light, sweet crude for April delivery went down to $51.49 a barrel, heating oil fell to $1.4490 a gallon, and Brent crude went down to $49.88.
According to a Forbes article,
"Traders fear unusually cold weather in the United States, expected to last more than a week, will drive up heating oil demand - and prices, further straining supplies. U.S. inventories of heating oil are running more than 7 percent below year-ago levels at about 41 million barrels.
Crude futures are roughly 43 percent higher than a year ago. Prices have risen sharply in recent weeks on concerns about cold weather, the world's tight supply-demand balance and the declining value of the dollar."
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