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Fuel card news: Oil prices 'set for further gains'

04 August, 10
This summer's hurricane season in the Gulf of Mexico could drive the cost of crude oil up further over the next few months, an expert has claimed.

Speaking to Reuters, CWA Global Markets managing director Peter McGuire warned that recent rises in oil prices are likely to be supported by disruption to offshore oil drilling when the spell reaches its peak later this month.

"It's a sustainable move," he said after oil prices surpassed $82 a barrel. "We believe that the US dollar is heading lower and the hurricane season is very worrying. I think you will see [prices of] $83 and $85 very shortly."

Mr McGuire added that commodities markets have become increasingly "bullish" due to improvements in Asian trading over the last few weeks and warned that the chance of significant near-term reductions in oil prices is slim.

His comments are unlikely to find favour with struggling British motorists, who are currently paying an average of 119.1p for a litre of diesel, according to Petrolprices.com.

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Posted by Nick JenkinsADNFCR-2675-ID-800012166-ADNFCR

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Fuel card news: Oil prices 'set for further gains'