Despite renewed optimism, several factors tend to continue pushing oil prices downwards. The past three weeks have been very volatile for oil with WTI trading at around $37 on Thursday. Just when it appeared the oil bulls were taking prices to pre-pandemic levels; the Bears showed their teeth by taking the markets on a downward […]
Brent crude futures were down by 0.65% trading at $39.52 falling below $40 a barrel. Crude oil prices dropped below the $40/barrel at Asia’s trading session. The price slide was triggered by the surge in COVID-19 caseloads globally and the U.S dollar gaining strength. At the time this report was drafted, Brent crude futures were
Crude oil prices drop below $40/barrel, as COVID-19 caseloads approach 27.5 millionRead More »
Brent crude was down by 0.17%, to $41.94 a barrel, after falling 1.5% on Monday. Crude oil prices continued their bearish trend on Tuesday’s trading session in Asia. This is coming on growing concerns among oil traders that the surge in COVID-19 caseloads will falter demand for gasoline. The number of global COVID-19 caseloads has
Crude oil prices post losses, fears on surge in COVID-19 caseloads strengthenRead More »
U.S. West Texas Intermediate down 0.34% to trade at $41.34 a barrel by 8.09 GMT. Brent crude prices were also down by 0.41%, to $44.25 a barrel. Both Crude oil benchmarks dropped more than 2% with WTI sliding to its lowest. Crude oil prices dropped significantly on Thursday and fell below its multi-week lows on
Crude oil prices drop on falling US gasoline demandRead More »
The Pipeline and Product Marketing Company made the disclosure through an internal memo. The pump price of premium motor spirit (PMS) otherwise known as petrol has been increased to N151.56 per litre with effect from September 2, 2020. This was disclosed in an internal memo and issued by the Pipeline and Product Marketing Company (PPMC),
Breaking: Petrol pump price increased to N151.56 per litreRead More »
Brent crude slipped below the $45 price level at Asia’s trading session on Monday. The black hydrocarbon pulled back some of its gains over ongoing concerns about global energy demand as the number of global COVID-19 caseloads keeps rising. However, Brent crude losses were capped after OPEC+ vowed recently to keep oil production at the
Brent crude prices stay below $45 over ongoing concerns about global energy demandRead More »
The Organization of the Petroleum Exporting Countries and its allies, OPEC+, said some members would have to reduce the group’s total production by an additional 2.31 million barrels per day in order to deal with its oversupply issues. This was disclosed through an internal OPEC+ report which was reported by Reuters. It is understood that
OPEC+ to slash production by extra 2.31 million barrels for members to limit oversupplyRead More »
Oil prices began to recover remarkably, but the naira does not seem to follow the path of recovery. Some reports say the banks are hoarding and round tripping, some say the banks aren’t receiving forex from CBN. It’s 2016 again. It’s another dollar crunch again. It’s another aftermath of an oil price crash. Nigeria, Africa’s
Now that oil is recovering, when will naira recover?Read More »
Brent crude futures dropped about, or 0.75%, to trade at $45.12 a barrel by 05.37 am GMT. Crude Oil prices dropped Wednesday morning at London’s trading session. This follows growing concerns over energy demand from the world’s biggest economy, amid delayed talks on the post-COVID-19 economic stimulus package. With Crude oil traders keeping one eye
