the fuelcard people

News Categories

previous page

Fuel card news: Oil hits four-day high after demand forecast

02 August, 10
The cost of crude oil has moved back towards $80 a barrel, after trading was boosted by continued growth in Asian stocks and a positive economic forecast from a Chinese government body.

According to Bloomberg, oil scheduled for delivery in September climbed by 40 cents to $79.35 in trading on the New York Mercantile Exchange today (August 2nd 2010), while London Brent crude reached $78.37.

"As long as the US dollar is weaker, the US interest rate is lower, people may take the risk of investing money in commodities. I'm quite positive on the market," said Astmax commodity fund manager Tetsu Emori.

Prices were driven by a bullish report from the Chinese State Council, which predicted that the country's yearly economic expansion will increase from 9.1 last year to 9.5 per cent in 2010.

Last week, the Wall Street Journal reported that Barclays Capital claimed in a recent research note that demand for crude oil has increased "markedly" over the last few weeks.

Improve the efficiency of your business and your fleet with the Total fuel card.

Posted by Steve ClarkeADNFCR-2675-ID-800009808-ADNFCR

Share |

Fuel card news: Oil hits four-day high after demand forecast