Fuel card news: Chinese oil demand 'still strong'
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02 September, 10 Chinese oil consumption could be set to increase further over the next few months as the country's economic performance gets back on track, driving prices up and adding to the worries of struggling motorists across the world. Speaking to Bloomberg, minerals and energy economist Ben Westmore of the National Australia Bank hinted at growing optimism among traders that demand for the commodity could be on the verge of renewed growth. "The Chinese [manufacturing] data was comforting because it shows that it's still in expansionary territory and does foreshadow some further growth," he explained. "Fundamentally, China's demand for oil still looks good." His comments came after the cost of crude oil scheduled for delivery in October rose by 47 cents to reach $72.39 a barrel on the New York Mercantile Exchange, with London Brent crude climbing to $75.10. Earlier this week, the news provider revealed that Stockholm-based financial firm Nordea Bank believes London Brent crude could sell for more than $100 within the next two years. Find out more about the Shell fuel card and start saving now. Posted by James Richmond  |
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