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Fuel card news: Oil prices firming, says expert

25 August, 10
Oil prices have weathered the worst of the worldwide economic downturn and are likely to again become increasingly attractive to investors in the coming months, an industry expert has suggested.

Speaking to Bloomberg, Victor Shum of energy consultancy firm Purvin & Gertz claimed the commodities market has continued to perform resiliently throughout the course of this year, in spite of the ongoing weakness of global finances.

"The global economy has indeed recovered from a deep recession last year," he explained. "Expectations for a fast recovery were high at the beginning of the year but I think most investors are recognizing that the recovery will be slower."

Mr Shum's comments came after crude scheduled for delivery in October climbed by 33 cents to $71.96 a barrel in electronic trading on the New York Mercantile Exchange.

Earlier this week, a report from London-based energy watchdog the Centre for Global Energy Studies warned that high oil prices may have had an effect on restricting economic growth following the recession.

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Posted by Steve ClarkeADNFCR-2675-ID-800038809-ADNFCR

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Fuel card news: Oil prices firming, says expert