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Fuel card news: Oil prices set for 'significant' growth

07 September, 10
An expert has warned that Chinese oil demand is likely to continue on its path of rapid growth over the next few years, pushing the price of the commodity up further and adding to the worries of struggling motorists.

HSBC chief economist Stephen King told the Associated Press that crude oil traders are confident that emerging Asian economies will drive the global market in the medium to long term, with a sharp rise in consumption expected.

"So the likelihood is over the next five to ten years, we'll see significantly higher oil prices. The China story is becoming more and more important," he explained to the news provider.

Mr King's comments came after positive economic data from the US hinted at an imminent boost to American oil demand, with Labor Department figures showing that the country's private sector firms generated 67,000 new jobs last month.

In a recent article for the Independent, the analyst suggested that demand for crude oil could begin to outstrip supply in the relatively near future.

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Posted by Steve ClarkeADNFCR-2675-ID-800054342-ADNFCR

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Fuel card news: Oil prices set for 'significant' growth