the fuelcard people

News Categories

previous page

Fuel card news: Oil prices close to $75 a barrel

27 August, 10
The cost of crude oil has remained resilient in recent trading and remains close to £75 a barrel despite fears over the strength of the global economic rebound, it has been revealed.

According to a report in the Wall Street Journal, London Brent crude was selling for $74.84 on the ICE Futures exchange earlier today (August 27th 2010), while oil for delivery in October traded at $73.31 on the New York Mercantile Exchange.

"We expect some choppy trading activity well into next week, with nearby crude possibly pushing briefly to above the $76 mark," said Ritterbusch & Associates chief Jim Ritterbusch. "Bearish fundamentals won't necessarily preclude occasional price rallies."

The news came after Centre for Global Energy Studies (CGES) analyst James Longmore suggested to Market News International that oil production cartel Opec is unlikely to come under political pressure to ease the price of the commodity.

In a recent report, CGES hinted that high oil costs could be restricting the financial recovery.

Find out more about the BP fuel card and start saving now.

Posted by Nick JenkinsADNFCR-2675-ID-800042637-ADNFCR

Share |

Fuel card news: Oil prices close to $75 a barrel