Despite the low crude oil price in the global market, Oando Plc disclosed that it has reduced its debt position by 24 per cent. The company indicated in a brief obtained by Vanguard that the debt position which stood at ₦290 billion in the first half of 2016 was reduced to ₦218 billion in the […]
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Brent oil prices rose on Wednesday to sit not far off 26-month highs hit in the previous session amid threats from Turkey that it could cut crude exports from Iraq’s Kurdistan region. Brent crude for November delivery was up 21 cents, or 0.4 percent, at $58.65 a barrel by 0240 GMT. It settled down 1 […]
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Oil prices ended nearly 1 percent higher on Friday, close to their highest levels in months, as major producers meeting in Vienna said they may wait until January before deciding whether to extend output curbs beyond the first quarter. “I believe that January is the earliest date when we can actually, credibly speak about the […]
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Africa’s richest man, Aliko Dangote, said at the United Nations General Assembly in New York that he hopes that global crude oil prices remain low for a longer period to enable countries relying on oil to grow other sectors of their economies. Dangote was speaking with investors who participated in the high level business leaders […]
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Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9 percent, to $56.20 a […]
Read More 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, […]
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 […]
Read More 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 […]
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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Oil prices fell slightly on Friday after the International Energy Agency said weak OPEC compliance with production cuts was prolonging a rebalancing of the market despite strong demand growth. Brent crude was down 11 cents at $51.79 a barrel at 11:53 a.m. EDT (1553 GMT), having earlier fallen 50 cents, or around 1 percent, to […]
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