Oil prices dip on virus worries; U.S. stock draw, China data check losses
Oil prices eased for a second day on Thursday as mounting coronavirus cases globally raised demand concerns, although a drawdown in U.S. crude stocks for a fifth straight week and robust data from China capped losses. Brent crude oil futures…
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…
Oil eases as Covid-19 fears offset gasoline recovery signs
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 14 cents, or 0.3%, to $40.76 a barrel by 0229 GMT, after rising 0.7% on Wednesday. Brent crude LCOc1 futures slipped 7 cents, or 0.2%, to $43.22, after gaining 0.5% on…
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…
Bonny Light maintains rising profile as OPEC raises production target from July
Whereas crude oil prices fell on Monday after the decision by the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to raise crude supplies to about one million barrels by starting from July 1, Nigeria’s Bonny Light crude…
Oil prices fall due to Russia’s gradual output increase threat to Nigeria revenue projections
Though global oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017, industry observers say the development may spell doom for the Nigerian economy which…
Nigeria frets as oil prices fall on increased U.S. drilling which means higher output
Oil prices fell on Monday as increased drilling in the United States pointed to more output, raising concerns about a return of oversupply. Analysts say if the rise by US drilling continues, glut will emerge, causing further drop in global…
