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What's driving heating oil prices?

from HeatingOil.com

Heating oil contracts ended last week at their highest level in 11 weeks, despite warmer than normal winter temperatures cutting into heating demand, Reuters reports. Heating oil futures contracts, bought and sold by energy traders on world commodity markets, settled on Feb. 3 at $3.1144 a gallon. It was the highest settlement since Nov. 16. Heating oil contracts gained 4.4 percent for the week, or 1.43 percent, extending gains for the second consecutive week. These movements dictate the price heating customers and dealers pay for their fuel. But the upward pressure on prices might have folks scratching their heads given mild winter temperatures across the U.S. more


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