Heating oil prices rise 8 cents a gallon

The average price of heating oil in Massachusetts rose to a record $2.83 a gallon last week, up eight cents from the week before, and 47 cents, or 20 percent, from a year ago, the state Division of Energy Resources reported.

The average price of regular unleaded gasoline was $2.68 a gallon, up 2 cents from the previous week, and 49 cents, or 22 percent, from last year.

The rising prices follow the recent surge crude oil prices, which briefly broke above $90 a barrel before retreating. In addition to strong global demand, tensions between Turkey and Iraq over attacks by Kurdish rebels have raised fears of war and a supply disruption.
This week, with a diplomatic solution possible and profit taking by investors, oil prices in commodities markets have fallen. At mid-day, crude oil fell below $86 cq a barrel in New York.
(By Robert Gavin, Globe staff)