Oil just a drop below $55 a barrel

| Friday, October 15, 2004

Oil continued its steady march toward the $55 mark, closing on the New York Mercantile Exchange Friday, Oct. 15, at $54.93.

At one point, oil for November delivery reached $55, but price dropped by closing time.

Media outlets reported Thursday, Oct. 14, that crude started its latest run up the price ladder after the U.S. Energy Department released a report saying the nation’s stocks of distillate fuels, such as diesel and heating oil, had dropped. Long-range weather forecasters have predicted a cold winter in the Northeast – the region of the country that consumes the most heating oil each winter.

This week, for the first time in history, the average price of diesel has been above $2 a gallon in every region of the country for two weeks in a row.