After falling to its lowest price since June earlier this month, the price of crude oil has bounced back close to the $60 mark.

Prices hit a high of $59.15 per barrel in midday trading on the New York Mercantile Exchange Wed., Nov. 23, before settling back down to $58.50.

The Associated Press reported that the potential for higher heating oil demand, buoyed by an approaching storm in the Northeast, was to blame for the increase.

The jump marked the third day of increases following a five-month low the week of Nov. 13.

The AP reported that analysts are still mixed as to whether U.S. inventories are sufficient enough for an expected spike in demand this winter.