Commodities

Nigeria’s oil exports to exceed 2million bpd

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 Stocks advance on rebound in oil prices

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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NNPC

NNPC crashes diesel price by 42 pct

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 […]

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oil barrel

Oil prices flat after weeks of steep declines

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 at two-week high on higher demand

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 […]

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oil barrel

Oil prices dips on expansion in U.S. drilling, demand slowdown

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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