West Texas Intermediate crude oil climbed above $50 per barrel for the first time since June 24. In a report from BI, the uptick comes after a string of good news that may assist in rebalancing the supply-demand dynamics of the commodity. Last week, OPEC preliminary agreed to a cap on production of oil and, […]
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The world’s two biggest oil producers Saudi Arabia and Russia said Monday they had agreed to “act together” to try to stabilise oil prices, but failed to make headway on a production freeze. The two nations “noted the particular importance of constructive dialogue and close cooperation between the largest oil-producing countries.” This should have “the […]
Read More Oil prices dipped on Thursday, extending the previous day’s decline, as the market focus returned to a global supply overhang, although a surprise fall in Chinese crude inventories did lend some support. International benchmark Brent crude oil futures LCOc1 were trading down 10 cents at $48.85 per barrel at 0709 GMT, having closed down 1.8 […]
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Global oil benchmark, Brent crude, hit an eight-week high on Thursday as the world’s biggest producers prepared to discuss a possible freeze in production levels. Brent, against which half of the world’s oil is priced, rose by $0.84 to $50.69 per barrel as of 7:58pm Nigerian time. The benchmark has risen more than 20 per […]
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The price of oil has gone above $50 a barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery, BBC report. Benchmark Brent crude hit $50.22 per barrel at one stage on Thursday, its highest level since early November. The rise followed US data showing that oil […]
Read More Global benchmark, Brent crude, on Wednesday traded around $47 per barrel, its highest level this year, buoyed up by news of falling output and a weakening United States dollar. Brent, against which Nigeria’s oil is priced, later fell to $46.47 per barrel, after earlier hitting a year-to-date high of $47.05. The international benchmark has risen by […]
Read More [su_dropcap]T[/su_dropcap]he massive drop in global oil prices impacted negatively on the performance of the Nigerian oil and gas sector, which recorded a decline of N3.6tn in output in the 2015 fiscal period. A report showing the performance of the sector, which was obtained by our correspondent from the National Bureau of Statistics, revealed that in […]
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President Muhammadu Buhari and his Saudi Arabian counterpart, King Salman Bin Abdul-Aziz in Riyadh, have backed efforts to stabilise the global oil market. The agreement was reached after the two leaders held bilateral talks during which they had extensive discussions on regional and global issues. According to a statement signed by the President’s Senior Special […]
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Thousands of Saudis may be forced to abandon their dream of studying overseas because of the oil price crash. With its budget under enormous pressure, Saudi Arabia is having to cut back the generous scholarship program that supported 200,000 students abroad in 2015. According to CNN, The government has been forced to tighten the rules […]
Read More Oil is crashing again and has just dipped back below $30 per barrel, According to Business Insider. Why? — because chatter surrounding a possible OPEC production cut is starting to die down and therefore people are returning to reality where that means there will be a massive oversupply in the market. On Tuesday afternoon, both […]
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CNN… GOLDMAN Sachs thinks crude oil’s late January surge back above $34 a barrel was a mere head fake. The elite Wall Street firm believes oil prices are poised to plunge to new lows below $26 a barrel — despite talk of OPEC coming to the rescue by cutting production. “It may already be too […]
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