Oil Climbs with More Traders Seeing Bottom

Mar 18, 2009

While not nearly as unpredictable as this time last year, oil prices are on the rise, which means fleet managers will once again need to start watching the price at the pumps.

According to an article posted on MSNBC.com, as of mid March 2009, crude oil has jumped in price to almost $50 a barrel, partly due to traders knowing that summer driving season is just months away.

But, the rise in crude prices could mean something more. After trading as low as $33 a barrel in December 2008, some analysts say that demand, or the lack of demand in the marketplace, may have hit bottom and is now beginning to rebound, other say it simply couldn’t have gotten any worse.

These days, the price of oil seems to be affected by and connected to how the stock market is doing as well as other economic indicators like the housing market and food prices.

Knowing this might give you the ability to see a spike in gas prices coming before your supplier even does…and nothing helps you run your fleet better than knowing what lies ahead.

Read the entire article here.