Fuel card news: Oil prices 'set to increase'
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16 August, 10 Crude oil prices are likely to rise further over the next few months in spite of a slowdown in Chinese consumption, according to one industry expert. Speaking to the Ninemsn website, Commonwealth bank commodities analyst David Moore claimed the Beijing government is deliberately seeking to reduce growth in oil demand from the rampant rate of expansion seen in recent years. Despite the apparent drop in Chinese oil consumption, Mr Moore claimed worldwide demand still seems to be on a broadly upward trend and predicted imports to China will continue to grow in the short to medium term, keeping oil prices high. His sentiments were echoed by Deutsche Bank, which suggested that the cost of the commodity will continue to fluctuate between $70 and $80 per barrel for the rest of the year, before climbing towards $85 in 2011. The Wall Street Journal reported today that crude oil scheduled for delivery next month traded at $75.84 - an increase of 45 cents - in electronic trading on the New York Mercantile Exchange today (August 16th 2010). Improve the efficiency of your business with the Shell fuel card. Posted by James Richmond  |
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