Oil prices dipped early on Monday but remained near multi-month highs reached late last week as the count of U.S. rigs drilling for new production fell and refineries continued to start up after having been knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at $49.83 barrel at 0021 GMT, 6 […]
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Oil prices on Thursday held most of their gains of around 2 percent from the previous session, buoyed after the International Energy Agency raised its forecast for growth in global oil demand. London Brent crude for November delivery was down 11 cents at $55.05 a barrel by 0035 GMT, after settling Wednesday up 89 cents, […]
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OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need […]
Read More Oil prices edged up on Monday after the Saudi oil minister discussed the possible extension of a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts. The news of the talks on Sunday helped offset the downward pressure on oil prices amid worries that energy demand would be hit […]
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An Industrialist, Mr. Frank Jacob, said yesterday that the prices of domestic commodities were up because the exchange rate between the naira and the dollar was still high. Jacob, who is the President of the Manufacturers Association of Nigeria (MAN), told the News Agency of Nigeria in Lagos that manufacturers were still burdened by high […]
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Kuwaiti Oil Minister Essam al-Marzouk has said he expects oil prices to stay between $50 and $55 a barrel and that the market will rebalance by the end of the year. Marzouk, who heads an oil producers’ committee that monitors compliance to output cuts, told Kuwait’s Al-Rai newspaper in an interview published Wednesday that “demand […]
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Nigeria’s Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has given assurance that the pump price of Premium Motor Spirit (PMS), otherwise known as petroleum will crash from the current ₦145/litre within four to six months. Kachikwu who made the prediction in a podcast message to mark his two years in office, did not give […]
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Gasoline prices hit $2 a gallon for the first time since 2015 on Thursday as flooding from storm Harvey knocked out almost a quarter of U.S. refineries, while crude prices stabilised following a slump the previous day. Harvey has battered the U.S. Gulf coast since last Friday, ripping through Texas and Louisiana at the heart […]
Read More The Nigeria’s oil production, excluding condensates, was slightly below 1.8 million barrels per day in July, the country’s oil minister said on Thursday. Emmanuel Ibe Kachikwu, speaking on the sidelines of an event in the capital, Abuja, said there had been issues with aging pipelines. “We continue to have challenges, some of our pipelines are […]
Read More Oil prices fell around 1 percent on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures were down 56 cents at $52.16 a barrel at 1342 GMT, after surging […]
Read More Oil prices tumbled 2 percent on Monday in volatile trade, as the dollar strengthened and China posted weak domestic demand data, sinking prices that had gotten a short-lived boost on concerns about potential reductions in crude supply from Libya. Global benchmark Brent crude futures were at $51.01 a barrel by 1:56 p.m. EDT (1714 GMT), […]
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OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said Friday, giving figures that cast further doubt on the cartel’s pledge to cut output to raise prices. In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the […]
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