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 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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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 […]
Read More 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. […]
Read More 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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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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Nigeria’s crude oil exports are expected to hit two million barrels per day (bpd) in August, the highest level planned for 17 months, as the nation’s oil industry nears a full recovery from militant attacks that crippled production last year. Resurgent production, if sustained, will put further pressure on efforts by the Organisation of Petroleum […]
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World stock markets edged higher on Thursday, buoyed by a modest rebound in oil prices after the commodity hit 10-month lows. Oil edged up from November lows hit in the prior session, when U.S. crude hit its lowest intraday level since August 2016, sentiment remained negative from a supply glut that has persisted despite OPEC-led […]
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The Nigerian National Petroleum Corporation on Sunday said it had successfully crashed the pump price of Automotive Gas Oil, also known as diesel, by about 42 per cent nationwide. It described this as a huge reduction over the past six months, linking it to series of interventions by the national oil firm in the downstream […]
Read More Oil prices were flat on Monday after diving 13 percent since late May as rising production in the United States, Libya and Nigeria have foiled an OPEC-led effort to support the market by cutting production. Brent futures for August were down 4 cents, or 0.1 percent, at $47.33 a barrel by 11:39 a.m. EDT (1539 […]
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Zinc prices touched a two-week high on Monday as expectations of higher demand from steelmakers rose and inventories of the metal on the London Metal Exchange hit nine-year lows. Benchmark zinc on the LME was bid up 0.9 percent at $2,550 a tonne after failing to trade in official rings. This was a high last […]
Read More Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market. Signs of faltering demand have also prompted weakening sentiment, dropping prices to levels comparable to when the output cuts were first announced […]
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