Oil prices fell to a low of $55.40 per barrel in midday trading on the New York Stock Exchange Friday, Nov. 18.
Though they later bounced back above $56 per barrel, analysts credited the dip to news that
The Energy Information Administration released a report Thursday, Nov. 17, stating that inventories rose significantly for the week ending Nov. 11. That followed the previous week’s news the oil inventories were up as well.
Forbes reported that analysts were predicting prices would rise again as temperatures begin to drop across the country and demand for home heating oil and natural gas increases.