Weekly commodity prices for heating oil (in cents) were obtained for a period of 30 weeks and regressed against time. The units of time were assigned as 1 for the first week, 2 for the second week and so on until week 30. Based on the regreesion output shown below, is there evidence of a linear association between time, as measured in weeks and the price of oil.

The regression equation is price (cents) = 128 + 1.08 time

predictor coeff se (coeff) t-ratio p-value

intercept 128.112 2.092 61.25 <0.0001

time 1.0782 0.1407 7.66 <0.0001

S=5.07299 R-Sq = 71.9%

Possible choices:

A) The test is inconclusive.

B) There is no evidence of a linear relationship between time and the price of oil.

C) There is a evidence of a strong negative linear relationship between time and the price of oil.

D) There is a evidence of a strong positive linear relationship between time and the price of oil.

E) None of the above. There is not enough information to test for a relationship.