Fuel card news: High oil prices 'boosting oil industry'
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06 September, 10 The oil sector is reaping the rewards of high oil prices and is likely to continue investing recent profits into developing new projects, according to industry insiders. In spite of an unfavourable economic backdrop, crude has continued to trade for between $70 and $80 per barrel for most of the year and Ambrian Partners stockbroker Simon Hawkins told the Economic Times that confidence is high. "An oil price of $70 to $80 feels like the right place for companies to launch activity from," he explained. "There is value in these [oil production] companies and it is almost cheaper to buy a company than to find the oil or gas yourself." His sentiments were echoed James Janoskey of Credit Suisse, who suggested the steady rebound in commodity prices has provided a timely boost to the oil production industry. Last month, Bloomberg reported that Stockholm-based financial institution Nordea Bank had predicted the cost of London Brent crude could exceed $100 by 2012. Improve the efficiency of your business and your fleet with the Shell fuel card. Posted by James Richmond  |
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