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Fuel card news: US group predicts crude oil price increase

11 August, 10
Crude oil prices will remain high throughout the remainder of the year as demand continues to grow in developing countries, according to a new report from the US Energy Information Administration (EIA).

In its latest Short-Term Energy Outlook study, the organisation predicted that the cost of West Texas Intermediate crude will climb to $84 a barrel by the fourth quarter of 2010, with the hike being passed on to struggling motorists.

"World oil prices will rise slowly as world oil demand increases because of projected global economic growth, slower growth in non-OPEC oil supply and continued production restraint," the EIA stated.

The American government body also claimed consumption will rise by 1.6 million barrels per day this year, as well as continuing on its current upward trend throughout 2011.

Recent weeks have seen crude oil prices hover at close to $80, sparking fears that British drivers could bear the brunt through increasing fuel bills.

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Posted by Nick JenkinsADNFCR-2675-ID-800020592-ADNFCR

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Fuel card news: US group predicts crude oil price increase