Oil price hits 26months high at $58.37

The prices of oil has hit more than two-year high, after major producers said the global market was on its way toward rebalancing. The November Brent crude futures contract was up $1.51, or 2.5 per cent, at $58.37 a barrel, its highest since July, 2015. United States (U.S.) West Texas Intermediate crude for November delivery […]

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Oil hits $53 on tighter U.S market

Oil prices hit a two-month high on Monday as a result of the tightening of US crude market and the threat of sanctions against OPEC-member, Venezuela. Brent crude futures traded at $52.90 per barrel, its highest since May 25, while West Texas Intermediate (WTI) rose by 16 cents to trade at $49.87 per barrel. Oil […]

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REFINERIES: P’Harcourt & Warri refineries commence petroleum production – NNPC

BY AYO OLOWO The Nigerian National Petroleum Corporation NNPC says the Port Harcourt and Warri refineries have commenced petroleum production after some in-house engineers conducted a nine-month rehabilitation on both facilities. The oil corporation announced this in a statement released by its General Manager, Public Affairs Division, Mr Ohi Alegbe yesterday. The statement in part […]

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