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Fuel card news: Crude oil prices up again

03 August, 10
Motorists have been warned that sustained increases in the cost of crude oil could translate into higher prices at pumps in weeks to come.

Speaking to the Associated Press, Lind-Waldock senior market analyst Rich Ilczyszyn predicted that drivers could be forced to pay more to fill their cars up by the end of the summer if the commodity continues to trade at above $80.

His comments came after crude for September delivery climbed by $2.53 to reach $81.48 in trading on the New York Mercantile Exchange yesterday (August 2nd 2010), with Brent crude also up at $80.54 on the ICE Futures exchange.

Prices could be thrown further out of kilter by this year's hurricane season in the Gulf of Mexico, which is at its most active from around August 15th to September15th and has already seen output disrupted by Hurricane Alex last month.

In an article for the Financial Times last week, Trevor Houser of US thinktank the Peterson Institute for International Economics claimed oil prices are "unlikely" to fall significantly.

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Posted by Nick JenkinsADNFCR-2675-ID-800010992-ADNFCR

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Fuel card news: Crude oil prices up again