Fuel card news: Oil prices boosted ahead of economic data
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09 August, 10 The cost of crude oil has increased in anticipation of a US economic report, which many analysts are expecting to provide encouraging data indicating an upturn in the pace of the country's economic recovery. According to Bloomberg, crude scheduled for delivery in September climbed by 60 cents to $81.30 a barrel in trading on the New York Mercantile Exchange today (August 9th 2010), while London Brent crude climbed to $80.75. "The demand outlook is improving," National Australia Bank minerals and energy economist Ben Westmore told the news agency. "Where we are at the moment at $80 a barrel is probably where we should be, based on fundamentals." A Bloomberg survey of energy industry experts suggested that retail sales in the US may have improved over the last month, as consumers grow in confidence following the financial slump. Last week, CWA Global Markets managing director Peter McGuire told Reuters that this year's hurricane season could see crude oil increase to as much as $85. Find out about the Shell fuel card and start saving now. Posted by James Richmond  |
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