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Fuel card news: Oil prices high despite European worries

01 June, 10
Oil prices have continued to hover at close to $75 a barrel despite continuing concerns about European sovereign debt, it has been revealed.

According to the Live Oil Prices website, American light crude for delivery in July hit $74.55 today (June 1st) on the New York Mercantile Exchange, while London Brent crude reached $74.60, even though the euro experienced falls against the US dollar.

In a report, ANZ Bank observed "continued uncertainty" surrounding the eurozone economy, but added: "A Greek economic slowdown has minimal effect on global oil demand growth and thus the crude price seems oversold."

Last week, the Centre for Global Energy Studies claimed persistently high oil costs could put the brakes on the fledgling global recovery, with prices fluctuating between $70 and $80 for most of this year.

The organisation warned that financial markets have become "fixated" on the possibility of a double-dip recession and suggested a prolonged spell of "more modest" prices could kick-start the revival.

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Posted by Tammy BrooksADNFCR-2675-ID-19809872-ADNFCR

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Fuel card news: Oil prices high despite European worries