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Fuel card news: Oil prices rise again ahead of US report

08 June, 10
The cost of crude oil has escalated once more in the run-up to a US report expected to show that stocks of the commodity have fallen for a second week.

According to Bloomberg, crude for July delivery hit $72.18 a barrel on the New York Mercantile Exchange today (June 8th), while next month's Brent crude reached $72.57 a barrel on London's ICE Futures Europe Exchange.

VTB Capital analyst Andrey Kryuchenkov told the news provider: "The market is feeling upbeat about signs that demand for fuel products in the US is quite healthy. We should see crude inventories decline between 500,000 and one million barrels."

Oil has remained resilient in recent weeks, despite mounting concerns over the global economic recovery's continued weakness and the lengthy crisis affecting some areas of continental Europe.

Last week, the American Petroleum Institute revealed oil stocks in the US had fallen by 1.4 million barrels, indicating an upturn in demand.

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Posted by Nick JenkinsADNFCR-2675-ID-19824535-ADNFCR

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Fuel card news: Oil prices rise again ahead of US report