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Oil price jumps above $41 as storm hits United States output, inventories drop

Ihesiulo Grace 17 September 2020 0

Oil price rose for a second day on Wednesday, gaining more than two per cent, as a hurricane closed U.S. offshore production and an industry report showed American crude inventories unexpectedly decreased. More than a quarter of U.S. offshore output was shut on Tuesday due to Hurricane Sally.

Business

Oil price benchmark now $28 per barrel

Ihesiulo Grace 3 June 2020 0

The benchmark for crude oil prices in line with current realities occasioned by the Coronavirus which was earlier slated at $25 per barrel has now been raised to $28 per barrel.  This was a resolution of the Nigerian at plenary of Tuesday, raising the earlier benchmark by the executive by $2. The budget benchmark was approved after Solomon

Business

Oil prices: NECA calls for aggressive policies to sustain economic recovery

Ihesiulo Grace 27 May 2020 0

Nigeria Employers’ Consultative Association (NECA), has urged fiscal and monetary authorities to develop more aggressive and decisive policies to sustain economic recovery in the wake of further reduction in oil prices. The Director-General of NECA, Mr Timothy Olawale, who made the call on Tuesday in Lagos said, “in our analysis of the country’s economy, we […]

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A’Ibom: Udom cuts salaries of political appointees over fall in oil price

Ihesiulo Grace 20 May 2020 0

Akwa Ibom State Governor, Udom Emmanuel, has slashed salaries of all political appointees in the state by 20 per cent, citing the fall in oil price as reason for the pay cut. In a statement issued in Uyo on Tuesday by the Secretary to the State Government, Dr. Emmanuel Ekuwem, Governor Udom also mentioned poor […]

News

Oil price crash: Senate constitutes joint c’ttee to engage executive on insulating economy

Ihesiulo Grace 10 March 2020 0

Concerned by the price fluctuations in the global oil market, the Senate yesterday made a move to protect the nation’s economy from the negative trend. To that effect, the President of the Senate, Ahmad Lawan announced the constitution of a joint committee to engage the executive arm of government on measures to be taken to […]

Business

Anxiety as global oil price sheds $11, stables at $33 pbrrl

Ihesiulo Grace 10 March 2020 0

The international oil benchmark, Brent crude, has extended its losing streak by $11, closing at $33 per barrel on Monday, as against $45.72 per barrel traded on Sunday. READ ALSO: Buhari sets- up 12-member coronavirus The historic overnight sharp oil prices decline was after Saudi Arabia shocked the market by launching a price war against […]

Business Headlines

In a surprise move, oil price rises towards $90 per barrel

Ihesiulo Grace 3 October 2018 0

Asian stocks fell on Tuesday as the lift from an agreement that saved the North American free trade deal faded, with cautious views on the global economy curbing risk sentiment. In commodities, United States crude futures were up 0.4 percent at $75.60 a barrel, the Reuters reports. Crude contracts surged nearly three per cent to […]

Business

Oil Price Hits Three Year High Over Us-Iran Nuclear Deal

Ihesiulo Grace 9 May 2018 0

Oil prices on Wednesday went up with Brent crude reaching 76.75 dollars per barrel at some point which is the highest since November 2014. The development is attributed to the decision of President Donald Trump to abandon a nuclear deal with Iran and other western countries. Trump also threatened to impose the “highest level” of […]

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Oil falls on robust dollar, pushing the price below $69 a barrel, first time in six days

Ihesiulo Grace 30 January 2018 0

International oil price fell on Tuesday for a second day running as a stronger dollar dented risk-linked assets such as equities and other commodities, together with rising U.S. output, pushing the price below $69 a barrel for the first time in six days. Brent crude futures fell 20 cents on the day to $69.26 a […]

Business Headlines

Oil records strongest year opening since 2014 amid Iran’s unrest

Ihesiulo Grace 2 January 2018 0

* Traded $66.81 b/d Oil prices notched their strongest start to a calendar year since 2014 on Tuesday, amid anti-government protests in Iran and ongoing OPEC-led production cuts. U.S. West Texas Intermediate (WTI) crude futures traded at $60.45 a barrel, up 0.05 per cent, at around 9.40 a.m. London time. The benchmark peaked at $60.74 […]

Business

OPEC daily basket price depletes to $59.90

Ihesiulo Grace 21 November 2017 0

The price of Organisation of Petroleum Exporting Countries’, OPEC’s, basket of fourteen crudes stood at US$59.90 a barrel on Friday, November 17, 2017, compared with $59.98 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente

Business Headlines

Hope rises for Nigeria as OPEC okays 1.2mb/d production cut

Ihesiulo Grace 1 December 2016 0

…Oil Price Shoots above $50p/b   Nigeria’s economy might be on its way back to the top as the Organisation for Petroleum Exporting Countries, OPEC, has finally agreed to reduce output by 1.2 million barrels a day. Following on the heels of the announcement, benchmark Brent crude prices resumed climb to top $50 a barrel. […]