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Fuel card news: Oil prices move towards $80

26 July, 10
Oil prices have regained momentum by moving to above $79 a barrel, despite concerns over a recent tropical storm in the Gulf of Mexico and the sluggish performance of the US economy.

According to Bloomberg, crude pencilled in for delivery in September climbed to $79.31 on the New York Mercantile Exchange today (July 26th), while London Brent crude rose by 46 cents to $77.91.

"The [oil] market is on the way to test $80 and the stock market is one of the factors. After the result of the [European] stress tests, we have to continue to monitor the financial markets," Newedge Group commodity sales manager Ken Hasegawa said.

Last week, tropical storm Bonnie threatened to disrupt some US offshore oil drilling, after Hurricane Alex forced major production firms including BP and Shell to halt production earlier in the month.

The American Commerce Department will publish the latest round of economic results later this week, amid fears the country is still struggling to maintain financial growth.

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Posted by Nick JenkinsADNFCR-2675-ID-800005186-ADNFCR

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Fuel card news: Oil prices move towards $80