Commodities

Oil extends gains as OPEC moves to cap Nigeria output

Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply. London Brent crude for September delivery was up 7 cents at $48.67 a barrel by 0039 GMT after settling up 54 cents or 1.1 percent on […]

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India; Nigeria’s biggest oil buyer now purchases from US

India, Nigeria’s biggest oil destination, has started buying crude from the United States as it looks to diversify its sources of the commodity. According to correspondent, it is the latest Asian country to buy the US crude after South Korea, Japan, China, Thailand, Australia and Taiwan as the cuts by the Organisation of Petroleum Exporting […]

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Oil up ahead of producer meeting; Nigeria, Libya output in focus

Oil prices inched up but held near a one-week low on Monday ahead of a joint OPEC and non-OPEC meeting later in the day that may address rising output in Nigeria and Libya. London Brent crude for September delivery was up 12 cents at $48.18 a barrel by 0651 GMT. The contract settled down $1.24, […]

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Oil flat, hovers below $50 level ahead of OPEC meeting

Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, sitting below the $50 per barrel level that was briefly breached for the first time in 6 weeks in the previous session. International benchmark Brent crude futures were down just 1 cent at $49.29 per barrel […]

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Refineries now supply 60 pct consumed kerosene – NNPC

The Nigerian National Petroleum Corporation on Sunday said that its refineries in Port Harcourt, Warri and Kaduna were now supplying 60 per cent of the Dual Purpose Kerosene being consumed in the country. This, it said on Sunday, was in line with the 2019 target date by the Federal Government to stop the importation of […]

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Supply interruption in Nigeria raise oil 1 pct, heads for 4 pct weekly gain

Oil rose 1 percent on Friday, boosted by a supply interruption in Nigeria and prices were headed for a weekly gain of more than 4 percent on lower U.S. stockpiles, but trading was volatile as global supply remained strong and some were concerned about economic growth prospects. Benchmark Brent and U.S. WTI crude oil contracts […]

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Oil recovers some losses but market still under pressure

Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling activity in the U.S. and ample supplies from producer club OPEC. Brent crude futures, the international benchmark for oil prices, were at $47.08 per barrel at 0136 GMT, up 37 cents, […]

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Oil rally fades, even after bullish inventory figures

Oil futures rose on Thursday, but were off the day’s highs, despite a sharper-than-expected decline in crude oil and gasoline stocks. Oil has not sustained gains for more than a couple of weeks since investors became increasingly concerned about the overhang of supply. Those concerns have steadily taken markets lower even as inventories have declined […]

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Rise in OPEC supply pulls oil, but political risk supports

Oil dipped on Wednesday, pulled down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. Brent crude futures, the international benchmark for oil prices, were at $49.55 per barrel at 0456 GMT, down 6 cents, or […]

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Brent crude stabilises near $50 a barrel

Brent oil prices gained slightly on Tuesday, stabilising near $50 a barrel on tentative signs that a persistent rise in U.S. crude production may be slowing. The international benchmark gained 15 cents to $49.83 per barrel by 1409 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading up 18 cents at $47.25 a barrel. […]

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Oil prices rise on first drop in U.S. drilling in months

Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping […]

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Oil production drops with cumulative losses of ₦131.8 billion

The Nigeria economy is faced with a drastic decrease in crude oil production since the beginning of 2017 which has led to a cumulative loss of about ₦131.8bn, an analysis of various reports from the Nigerian National Petroleum Corporation has shown. After increasing to 1.84 million barrels per day in January this year, from 1.58mb/d […]

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