Oil slips but heads for steady week on supply tightness
Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers. Brent crude futures fell 7 cents, or 0.1%,…
Oil price hits 11 month high on S/Arabia’s move
Oil hits 11-month high after Saudi Arabia pledges voluntary output cut – Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while…
Hope rises for deeper output cut by OPEC+ as oil rises on short-covering
Crude prices inched higher on Wednesday as investors covered short positions after three sessions of losses and eyed potential supply cuts, even as fears of a coronavirus pandemic deepened. Brent crude rose 33 cents, or 0.6%, to $55.28 a barrel…
Global oil prices weakened by oversupply, global economic concerns
Facts that filtered in on Monday have suggested that oil prices were largely steady after falling 2 percent in the previous session. However, prices remained under pressure amid weaker growth in major economies and concerns about oversupply. International Brent crude…
African oil producers must support OPEC for market stability, continued cuts
The African Energy Chamber, has urged the Organization of the Petroleum Exporting Countries (OPEC) and other key global oil producers, including Russia, to continue with the historic production cuts at the December 6, 2018 OPEC meeting to stabilize the oil…
Oil prices steady at $74.61pb on falling U.S. crude stocks, Iran sanctions
Oil prices held steady on Wednesday, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran. Front-month U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.28 per barrel at 0408…
Buahri appoints top NNPC official, Kyari Nigeria’s representative at OPEC
The Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Group General Manager in the Crude Oil Marketing Division, Mallam Mele Kyari as Nigeria’s National representative at the Organization of the Petroleum Exporting Countries (OPEC). Details sourced from the…
