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Fuel card news: Oil prices 'restricting economic recovery'

24 August, 10
Persistently high oil prices are having an adverse effect on the pace of the global economic rebound and Opec should do more to cut the cost of the commodity, according to one energy watchdog.

In its latest monthly market report, the London-based Centre for Global Energy Studies (CGES) claimed the oil production cartel could have done more to assist the recovery had it not been preoccupied with keeping prices expensive.

"At present, Opec is in a position to keep oil prices where it would like to see them but this comes at a cost," the organisation stated. "The cost is that the global economy will recover more slowly."

CGES also noted that although demand for the commodity has been resilient in spite of the recession, the progress of some developing countries' economies appears to have stalled in recent months.

Last week, Citic Securities analyst Yin Xiaodong told Bloomberg that fuel consumption in China is likely to continue to rise throughout the remainder of this year.

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Posted by Tammy BrooksADNFCR-2675-ID-800037023-ADNFCR

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Fuel card news: Oil prices 'restricting economic recovery'