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Oil prices continue to rise

Despite assumptions by governments such as those in Japan that the price of oil will fall further in the short to medium term, the exact opposite has occurred this week. Even though confidence in the US economy has fallen significantly over the last few weeks, recent figures from the US government suggested that initial indications of a fall in the US economy may have been overdone. This has forced a revision of the first-quarter fall in GDP with the initial figure of 6.1% now revised down to 5.7%.

As a consequence, it now appears as though the US economy may not be as weak as first thought, at least at this moment in time, and the consumption of commodities such as oil is continuing at levels higher than many expected. As a consequence, many people expect the price of oil to rise yet further with a target price of $75 a barrel in the short to medium term. However, recent noises out of America suggest that the economy may not be as buoyant as many thought, and think at this moment in time, suggesting something of a two-way pull in the short to medium term.

Those with motor vehicles in the UK will no doubt have noticed the ever rising price of fuel which is a direct reflection of the strength of the oil market.

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