Oil hit its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed. Energy ministers from the two countries said on Monday that supply […]
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Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday. “The price range of $55 per barrel would be suitable for oil,” Zanganeh said, according to […]
Read More Oil prices fell by as much as a further 3 percent on Friday, after prices had crashed to five-month lows in the previous session, as concerns about global oversupply wiped out all of the price gains since OPEC’s move to cut output. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $44.14 per […]
Read More Oil fell to its lowest since late November on Thursday, as concern over rising global supply and stubbornly high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. Brent crude oil futures broke below $50 a barrel for the first time since late March, hitting […]
Read More Oil prices inched up on Monday but markets remain under pressure following six consecutive sessions of losses as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. U.S. West Texas Intermediate (WTI) crude oil futures added 21 cents, or 0.4 percent, by 0123 GMT, […]
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Oil prices recovered some lost ground on Monday after big losses last week, driven by expectations that OPEC will extend output cuts till the end of 2017, although a relentless rise in U.S. drilling capped gains. Brent crude futures rose 54 cents by 0920 GMT to $52.50 per barrel. U.S. West Texas Intermediate (WTI) crude […]
Read More Oil rose towards $56 a barrel on Monday, supported by another shutdown at Libya’s largest oilfield, tension over Syria following the U.S. missile strike and signs that an OPEC-led supply cut is helping to clear excess supplies. Libya’s Sharara oilfield was shut on Sunday after a group blocked a pipeline linking it to an oil […]
Read More Oil prices rose on Monday, supported by strong demand and uncertainty over the conflict in Syria, although another run-up in U.S. drilling activity kept a lid on gains. Brent crude futures, the international benchmark for oil prices, were at $55.49 per barrel at 0701 GMT, up 25 cents, or 0.45 percent, from their last close. […]
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Oil prices surged more than 2 percent to a one-month high on Friday after the United States launched dozens of cruise missiles at an airbase in Syria, later dropping back as there seemed no immediate threat to supplies. U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a […]
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An economist, Prof. Pat Utomi, has said that poor budget management process is responsible for the current economic recession in Nigeria and not the fall in oil prices. Utomi made the observation in Awka on Wednesday while speaking at the maiden edition of Dr Emmanual Egboga Budget Roundtable, organised by the Nnamdi Azikiwe University Business […]
Read More Oil prices eased from one-month highs on Wednesday, as support from an outage at the largest UK North Sea oilfield was offset by a surprise increase in U.S. crude inventories to a record high limited price gains. Prices turned lower briefly after the U.S. government reported a weekly rise in crude inventories of 1.6 million […]
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Oil futures moved higher Monday as upbeat sentiment about economic prospects in Asia and Europe outweighed concerns a higher U.S. rig count stoked worries about global oversupply, although a stronger dollar pressured prices. International benchmark Brent futures rose 3 cents, or 0.1 percent, to $53.56 a barrel by 0658 GMT. The March contract closed the […]
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