Oil markets were firm on Monday, with Brent crude opening above $60 per barrel on expectations an OPEC-led production cut due to expire next March would be extended. Brent crude oil futures, the international benchmark for oil prices, were at $60.63 per barrel at 0018 GMT, up 19 cents or 0.3 per cent from their […]
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Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures, the international benchmark for oil prices, were at 58.27 dollars at 0131 GMT, up 39 cents, or 0.7 per cent from their last close – and a third […]
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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 price rose on Wednesday in spite of a rise in U.S. crude inventories with the market heading for its largest 3rd 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 to 56.20 dollars a barrel by 12:19 […]
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The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has expressed concerns that the 2017 budget implementation will be affected by uncertainties in the global oil market. Kachikwu told journalists on Wednesday in Abuja the Ministry of Finance and the Federal Executive Council were, however, working on measures to cushion the impacts of the […]
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Oil price is rapidly declining, this time, it has fallen to a three-month low. West Texas Intermediate is trading below $50, while Brent crude, the global benchmark for oil is hovering around $52 per barrel, its lowest price levels since December 2016. Since the Organisation of Petroleum Exporting Countries (OPEC) decided to cut its production […]
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The Organisation of Petroleum Exporting Countries (OPEC) has lost over $1 trillion to fluctuation of oil prices, its Secretary General, Dr Mohammed Barkindo has said. Barkindo disclosed this on Monday while addressing a news conference organised by the Minster of State for Petroleum, Dr Ibe Kachikwu. According to the OPEC scribe who is on a […]
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Oil prices rose more than one per cent on Tuesday after news that the world’s top producers cut production in January more than forecasters had expected just as the dollar sank. “This is very high, a good number,” an OPEC source said of the January compliance estimate. The dollar was down by 0.9 per cent […]
Continue ReadingCrude rose above $55 a barrel as rising prospects of a tightening market after last week’s OPEC landmark deal to cut production has given speculators impetus to increase bets on higher prices. Monday’s gains took the rally since the Organization of the Petroleum Exporting Countries’ agreement was struck on Wednesday to 19 per cent for […]
Continue ReadingAn agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted “a big hit” and dropped […]
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