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Fuel card news: Oil price reductions 'unlikely'

18 August, 10
Although questions continue to surround the global economic rebound, the slowdown in the recovery is not likely to result in significant falls in the cost of crude oil, a new report has suggested.

Emirates 24-7 reported that London-based energy watchdog the Centre for Global Energy Studies (CGES) predicted in its latest forecast that demand for the commodity will continue to increase, despite "stagnant" conditions in some markets.

"A full economic recovery is not yet in the bag," the document stated. "Although the dreaded double-dip recession remains a remote possibility, the oil market will find support from the Organisation of Petroleum Exporting Countries."

CGES also noted a slight cooling of the previously rampant expansion seen in the Chinese economy and observed that the Beijing administration had hinted at making deliberate efforts to restrict growth earlier in the year.

The organisation's calculations are unlikely to go down well with UK motorists, who are paying on average 119.2p for a litre of diesel, according to Petrolprices.com.

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Posted by Steve ClarkeADNFCR-2675-ID-800029480-ADNFCR

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Fuel card news: Oil price reductions 'unlikely'