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 […]
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 […]
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, […]
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 […]
Oil prices fell below $57 a barrel due to the impact on demand accredited to the Coronavirus outbreak in China and lack of proactive actions by Organisation of Petroleum Exporting Countries (OPEC) and its allies to support the market, industry analysts revealed. Specifically, Brent crude on Tuesday shed $1.18 at $56.48 a barrel after rallying […]
Oil prices rose on Tuesday, reversing early losses on hopes that U.S. President Donald Trump may signal progress on trade talks with China in a speech later in the day. Brent crude futures were up 31 cents, or 0.5 per cent, at 62.49 dollars a barrel by 0644 GMT, after dipping to as low as […]
Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, are not expected to help end the trade war between them. U.S and China, the world’s two largest oil users, are creating anxieties about the global economy. China, the world’s biggest oil importer, has […]
• Latest oil price surge first since Nov 2014 • Tension in Middle East triggers oil increase Following simmering Mideast tensions and keen United States demand, global oil price for the first time in three years, surged to $75 a barrel on Thursday. Agence France Presse (AFP) also reports that as of close of Thursday […]
…As external reserves rise by $7.4bn in Q1 In the first three months of 2018, the Investors and Exporters (I&E) FX window boosted Nigeria’s Foreign exchange market (Forex) with total liquidity of $14.457 billion, even as Nigeria’s external reserves during the same period gained $7.44 billion, due to the steady increase in global oil prices […]
Oil prices hit a new high of $71 per barrel Thursday for the first time since 2014, supported by increasing decline in U.S. crude inventories, a weaker U.S. dollar and OPEC-led supply cuts, according to Reuters report. Oil prices, boosted by a record 10th straight weekly decline in U.S. crude inventories spiked to a three-year […]
Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to Organisation of Petroleum Exporting Countries (OPEC)-led production cuts. The News Agency of Nigeria(NAN) reports that Brent crude futures on Tuesday, the international benchmark for […]
Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising. Brent crude futures, the international benchmark for oil prices, were at 57.84 dollars. U.S. West Texas Intermediate (WTI) crude futures were at 52.03 dollars per barrel. The […]
Oil prices fell on Tuesday, as global oversupply encouraged several banks to cut their forecasts for crude for this year and 2018. Benchmark Brent crude was down 15 cents at $46.73 a barrel by 1310 GMT. U.S. light, sweet crude was 15 cents lower at $44.25. The fundamental mood has taken a turn for the […]
Brent will average $52/bbl in 2015 and $58/bbl in 2016 according to Bank of America Merrill Lynch Global Commodity Research. “In the past 15 years, the global economy was defined by rising commodity prices, zero interest rate policy, and a weak USD. “This cycle has now gone into reverse with a decelerating industrial economy in […]
Sharp differences in export diversification and foreign net asset positions help explain why some oil-producing countries are likely to weather sustained oil price pressure much better than others, according to Fitch Ratings. A Fitch study of sensitivity to an extended USD50/bbl West Texas Intermediate (WTI) crude oil price shock employed a simplified graphical approach to […]
The Minister of Petroleum Diezani Alison-Madueke has raised an alarm that low oil prices constitute a threat to Nigeria’s plan to raise crude oil production to 4 million barrels per day (b/d) by 2020. Alison-Madueke made this assertion at Nigeria Oil & Gas 2015 conference in Abuja, adding that “persistent depressed oil prices may limit […]