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Fuel card news: US optimism boosts oil prices

14 July, 10
Oil prices have risen sharply on the back of positive economic data from the US, which could have a knock-on effect on hard-pressed motorists who fill up at British pumps.

According to Bloomberg Businessweek, crude scheduled for delivery next month reached $76.99 a barrel on the New York Mercantile Exchange today (July 14th 2010), while London Brent crude traded for $76.43.

"Oil pricing has been handcuffed to equities so the strong performance in US equities yesterday had a lot to do with the rally," said Victor Shum of Purvin & Gertz. "In the near term, a lot will depend on these corporate earnings reports for the second quarter."

The news comes ahead of the latest official report on US oil inventories, which some analysts expect to show that fuel demand in America rose last week.

Earlier this month, the Energy Information Administration claimed in its short-term energy outlook report that oil consumption will continue to rise in 2010 and 2011.

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Posted by Steve ClarkeADNFCR-2675-ID-19889620-ADNFCR

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Fuel card news: US optimism boosts oil prices