A combination of great earnings reports by Alcoa and CSX and increased oil demand in third world countries contributed to rising oil prices today, according to the Associated Press.

“After all the bad economic news over the last six weeks or so, good earnings reports suggest companies have money and they can spend some of that, and that makes people feel a little more ebullient about the market,” said Michael Lynch, president of Strategic Energy & Economic Research.

The International Energy Agency predicted 2011 global oil demand would increase by 1.3 million barrels a day, or 1.6 percent, to 87.8 million barrels a day, largely due to economic growth in emerging countries.

Thankfully, fuel prices at the pump are expected to remain steady at the pump throughout the summer - an opportunity to lock in that low price with fuel protection.

This entry was posted on Tuesday, July 13th, 2010 at 2:28 pm and is filed under Fuel Price Trends, Fuel cost, Fuel Cost Control. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.