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Fuel card news: Oil prices edge towards $80

21 June, 10
Crude oil prices are continuing to edge back to this year's previous highs of $80-plus per barrel after an official US report pointed to a recent increase in the country's level of fuel consumption.

According to Bloomberg, American fuel use reached 9.34 million barrels a day last week, with crude scheduled for delivery next month hitting $78.20 on the New York Mercantile Exchange yesterday (June 21st).

With emerging markets in south-east Asia expected to increase oil demand in the coming years, Chinese imports could also be set for a boost after the nation's central bank suggested it intends to end the yuan's fixed rate to the US dollar.

"This is only going to make imports less expensive for the Chinese, so I think a bit of upward momentum from that will be a story that will play out through a lot of markets," National Australia Bank economist Ben Westmore said.

Last week, the International Energy Agency predicted oil output will climb to 86.4 million barrels per day this year.

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Posted by Steve ClarkeADNFCR-2675-ID-19848057-ADNFCR

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Fuel card news: Oil prices edge towards $80