Money

Oil prices rise amid heightened fears of supply disruption

DailyTimesNGR DailyTimesNGR 8 January 2025 0

BY MOTOLANI OSENI Oil prices edged higher on Tuesday, reversing early losses as fears of supply disruptions from Russia and Iran intensified amidst escalating Western sanctions. Brent crude futures climbed 60 cents, or 0.79 per cent, to settle at $76.90 a barrel, while U.S. West Texas

Headlines

Oil prices gain around 1% as Red Sea tension persists

DailyTimesNGR DailyTimesNGR 23 December 2023 0

Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices. Brent crude futures were up 71 cents, or 0.89%, to $80.10 a barrel ahead of […]

Business

Oil slumps on expected slowdown in US Demand

Ihesiulo Grace 20 July 2023 0

By Joy Obakeye Oil prices declined on Wednesday over forecasts of a limited draw in United States (US) crude stockpiles that fell short of market expectations, disappointing investors. International benchmark Brent crude traded at $79.53 per barrel, a 0.13 per cent loss from the closing price of $79.63 a barrel in the previous trading session […]

Business

Oil climbs up amid China demand hopes, supply concerns

Ihesiulo Grace 21 February 2023 0

By Godwin Anyebe Oil prices edged higher on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia’s plans to rein in supply. Brent crude was up 60 cents to $83.60 a barrel. U.S. West Texas Intermediate crude for March, which expires on Tuesday, was up 52 cents at $76.86. […]

Business

Oil price falls to $95/brrl amid Russia’s total oil ban

Ihesiulo Grace 15 November 2022 0

Ahead of December implementation day for a total ban on Russian oil by the European Union (EU), Brent crude futures declined to about $95 per barrel on Monday. The market interprets a stronger US dollar to mean there will be a reduction in the crude oil demand. Recently, members of the EU indicated that the […]

Business

Oil up 5% amid likely interest rate hikes

Ihesiulo Grace 6 November 2022 0

By Motolani Oseni Oil prices rose by more than five per cent amid uncertainty around future interest rate hikes by the U.S. Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some COVID restrictions supported markets. Though fears of global recession capped gains, Brent crude futures settled up […]

Business

Brent price rises to $92.88 on supply concern

Ihesiulo Grace 24 October 2022 0

Oil prices showed marginal increases last week due to tight supply concerns driven by the OPEC+ group’s output cut decision, upcoming European Union (EU) sanctions and the decline in US crude stocks. International benchmark Brent crude traded at $92.88 per barrel on Friday, rising by 1.3 per cent from the opening price on Monday of […]

Business Headlines

Again, Nigeria exits recession

Ihesiulo Grace 24 May 2021 0

*GDP records 0.51% growth in Q1 *’Economy on gradual part of recovering’ *Non-oil sectors remain largest contributors *Agriculture sector grew by 2.28% PHILIP CLEMENT, ABUJA, JOY OBAKEYE AND JOHN OKOH, LAGOS In spite of the several challenges caused by low oil prices and the second wave of the Covid-19 pandemic, Nigeria’s economy is finally out […]

Oil & Gas

Oil prices rebound 2% on Trump’s health, Norway strike escalation

Ihesiulo Grace 6 October 2020 0

Oil prices rose more than two per cent on Monday, lifted by comments from doctors for United States President Donald Trump, suggesting he could be discharged from hospital as early as yesterday. This is just a few days after his positive coronavirus test sparked widespread alarm. Trump’s health update eased political uncertainty in global markets, […]

Oil & Gas

Oil prices down after U.S. crude inventories rise against expectations

Ihesiulo Grace 23 September 2020 0

Oil prices fell on Wednesday after an industry group reported a surprise rise in U.S. crude, adding to worries about demand that led to a steep selloff earlier in the week. Brent crude was trading down 30 cents or 0.7 per cent at $41.42 a barrel by 0347 GMT, after gaining 28 cents on Tuesday […]

Oil & Gas

Oil prices slip on potential return of Libyan output

Ihesiulo Grace 21 September 2020 0

Oil prices fell on Monday on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the United States Gulf of Mexico limited losses. Brent crude was down 33 cents or 0.8 per cent at $42.82 a barrel by 0645 GMT, […]

Oil & Gas

Oil prices rise after OPEC warns members to stick to quotas

Ihesiulo Grace 19 September 2020 0

Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10 per cent, after Saudi Arabia pressed allies to stick to production quotas and banks, including Goldman Sachs, predicted a supply deficit. Brent crude was up 18 cents at $43.48 a barrel by […]

Oil & Gas

Oil prices rise as storm threatens US Gulf Coast

Ihesiulo Grace 15 September 2020 0

Oil prices rose on Monday as a tropical storm in the Gulf of Mexico prompted drillers to evacuate rigs and shut-in production. Although gains were muted by concerns about excess global supplies and falling fuel demand. U.S. West Texas Intermediate (WTI) crude futures were trading up 14 cents or 0.4 per cent at $37.47 a […]

Oil & Gas

Oil prices rise on falling U.S. dollar

Ihesiulo Grace 2 September 2020 0

Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar, which tumbled to multi-year lows. Brent crude futures climbed 49 cents or 1.1 per cent to $45.77 a barrel at 0406 GMT. The U.S. West Texas Intermediate (WTI) crude futures rose 37 cents or […]

Business Featured Headlines

COVID1-19: Total direct remittances decline by 50.47% to $1.02bn

Ihesiulo Grace 15 June 2020 0

…As BVN enrolment hits 41.93m Due to current global economy challenges caused by COVID-19 and dwindling in global oil prices, Nigeria’s total direct diaspora remittances dropped by 50.47 per cent to $1.02 billion from $2.05 billion between January and February 2020. This is even as the total number of Bank Verification Numbers (BVN) so far […]

Business

Oil prices edge down as wary traders eye upcoming OPEC+ meeting

Ihesiulo Grace 2 June 2020 0

Oil prices edged down on Monday as traders took profits, with the Organisation of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude LCOc1 fell 15 cents, or 0.4 per cent, to $37.69 a barrel, in the first day of […]

Business

Oil prices rise as producers set to seal agreement on deeper cuts

Ihesiulo Grace 4 March 2020 0

Oils prices on Wednesday rose as major producers moved closer to an agreement to enact deeper outputs cuts aimed at offsetting the slump in demand caused by Coronavirus outbreak.  Brent crude gained 1.8 to trade at $52.83 per barrel, while U.S West Texas Intermediate gained 1.8 per cent to trade at $48.00 per barrel. Industry traders […]

Business

Oil prices fall for fifth day to lowest in a year

Ihesiulo Grace 27 February 2020 0

Oil prices fell over 2% on Thursday, plunging for a fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fueled fears of a pandemic that could slow the global economy and dent demand for crude. Brent crude LCOc1 was down $1.15, or 2.2%, at $52.28 a barrel […]

Business

Oil prices down by 4% as Coronavirus spread across Asia-Analysts

Ihesiulo Grace 25 February 2020 0

Analysts on Monday said, oil prices fell by 4 percent as  coronavirus spread outside China and Asia, rekindling fears that a protracted global outbreak would impact economic growth and oil demand around the world. Analysts revealed that, West Texas Intermediate crude was plunging by 3.73 percent at $51.40, while Brent crude was tumbling 3.75 percent at $55.78, […]

Business

Oil rises amid hope for short economic hit from coronavirus outbreak

Ihesiulo Grace 19 February 2020 0

Oil prices rose on Wednesday, with Brent gaining a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market. Read also: Oil prices fall over impact on demand Brent crude LCOc1 […]