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Fuel card news: Brent crude oil 'to top $100'

31 August, 10
A financial firm has claimed that the price of London Brent crude oil could exceed $100 a barrel within the next two years, amid fears that the high cost of the commodity may be hampering the progress of the economic recovery.

According to Bloomberg, Stockholm-based company Nordea Bank predicted that Brent oil will average in the region of $79 during the remainder of 2010, before reaching $85.75 next year and $102.50 in 2012.

"In the medium term, oil prices may surprise on the upside if the rebound in the world economy and the demand for oil is stronger and the increase is more rapid than expected," said Nordea analyst Thina Saltvedt in the report.

Brent crude traded for $76.44 on London's ICE Futures exchange yesterday (August 30th 2010).

Earlier in the month, British energy watchdog the Centre for Global Energy Studies singled out oil production cartel Opec for criticism and suggested it may be maintaining prices at a level which is harmful to the wider global economy.

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Posted by Steve ClarkeADNFCR-2675-ID-800044583-ADNFCR

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Fuel card news: Brent crude oil 'to top $100'