Oil finished the trading day Thursday at its lowest level since February, diving below $90 a barrel as equities markets plunged, Bloomberg reported. That is very good news for fleet manager trying to improve diesel fuel prices. It has been difficult lately for most companies to control their fuel management.
Crude futures fell $5.30 to finish the trading day at $86.63 a barrel on the New York Mercantile Exchange — the biggest one-day drop since May 5 and the lowest settlement price since Feb. 18, Bloomberg said. This should mean in the coming weeks your diesel fuel prices should be lower when using you fuel card, fleet fuel card or buying mobile fueling. It will certainly spell a lot of relief for fleet managment and fuel cards being used.
Oil prices have declined 25% since early May on concerns over Europe’s debt crisis, U.S. lawmakers’ attempts to stave off a default and global economic growth that has showed signs of slowing, Bloomberg reported. We have believed for months that the fleet fueling price was going to get crude down in the low 80’s a barrel.
Prices also fell after crude stockpiles rose for the week ended last Saturday, according to Energy Department data yesterday. U.S. inventories rose 950,000 barrels to 354.9 million barrels. It’s a simple case of supply and demand with a whole lot of other things going on. Good
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