BY MOTOLANI OSENI Oil prices ended the week higher in the global commodity market, supported by a weaker US dollar, signs of strong US fuel demand, and fresh geopolitical tensions, despite pressure earlier in the week due to rising US inventories and trade concerns. The international benchmark Brent crude was trading at $68.61 per barrel […]
Oil prices ended the week lower as concerns over increased global supply, rising US crude inventories, and renewed US-Iran nuclear negotiations weighed on market sentiment. Brent crude dropped to $63.85 per barrel on Friday, down 1.7 per cent from last week’s close of $64.93, while West Texas Intermediate (WTI) slipped 1.5 per cent to $60.92 […]
Oil prices climbed more than $1 a barrel on Tuesday, recovering from the previous session’s steep losses, as new U.S. sanctions on Iran and a rally in global equities reignited investor appetite. Brent crude rose $1.74 to $68 per barrel, while U.S. West Texas Intermediate gained $1.96 to $65.04 for May delivery, and the June […]
BY MOTOLANI OSENI Oil prices posted a weekly gain as geopolitical uncertainties and economic developments drove market sentiment. Escalating tensions in the Middle East, fresh US sanctions on Iranian crude exports, and China’s latest economic stimulus measures supported the bullish momentum. Brent crude rose to $71.22 per barrel on Friday, marking a 1.4 per cent […]
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 Intermediate (WTI) crude gained 50 cents, or 0.68 per […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
*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 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 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 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 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 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 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 […]
…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 […]
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 […]