Oil prices stable after heavy drop
Oil prices steadied Tuesday after heavy losses the previous day, as markets looked ahead to more indications of world crude demand levels amid high supplies.
Brent North Sea crude for delivery in December stood at $48.61 a barrel in London midday deals, unchanged from Monday’s close.
US benchmark West Texas Intermediate for November delivery dipped two cents to $45.87 a barrel.
Both contracts fell sharply on Monday following the release of official data showing that China’s economy grew at its weakest pace in more than six years, renewing concerns over demand in the world’s top energy consumer.
Prices were weighed down also by news that Saudi Arabia’s crude stockpiles stood at record highs, adding to concerns about high US inventories and expectations of increased Iranian output with the lifting of Western sanctions on the Islamic Republic.
“Iran’s energy minister is adding to this depressed outlook, stating at an industry conference in Tehran that the country would aim to restore its share of global crude exports within months of the sanctions being lifted,” said Kash Kamal, senior research analyst at Sucden Financial.
Traders are awaiting the release Wednesday of data on the level of US crude stockpiles for last week.
Both WTI and Brent prices have failed to hold above $50 a barrel this month as the global market remains oversupplied, with the Organization of Petroleum Exporting Countries continuing to pump above its quota to maintain market share with the US.
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1 Comments
Sterling Homes ltd selling Plots and Acres of Land
Hebron garden estate is owned by Sterling homes Ltd and it’s
completely free from “omo-onile” and government acquisition. Land
mass: more than 10acres. Land type: dry, sandy and leveled. Location: Lekki,
about 6minutes drive to Eleko beach and 15minutes drive to Lekki free trade
zone. There are several notable Landmarks before the estate. These include, The
Lagos Business School, Crown Estate, Farapark, Sapphire Garden, Green Springs
School and Shares immediate environment with Mayfair Gardens and Beechwood
Estate & lots more. PAYMENT PLAN FOR A PLOT: *Smart plan: Outright payment
#2.8m. *Easy Plan: #3m. Spread #210,000 for 10months after the initial deposit
of #900,000. Contact Yemi Amodu @ Sterling Homes LTD, for site inspections and
more information: Plot 2, River Valley Estate, Ojodu Berger. Mobile 08136119495
Havilah park and garden is an estate located about 6mins
drive off the Lagos-Ibadan expressway. It’s about 25mins drive to Berger
bus-stop. The estate is fenced with a gate house, and our ultra- modern
borehole is already in place. The price of a plot is #630,000 outright, and we
still have other installment plan also. For more information and site
inspection call Yemi Amodu @ Sterling Homes LTD: Plot 2, River Valley Estate,
Ojodu Berger, Lagos. Mobile: 07084546154, 08136119495
Moriah park is situated at Agbowa, Ikorodu. The estate is
facing the Lagos state housing scheme popularly called Fashola estate. It’s
fenced round with a gate house and an industrial borehole has been constructed
at the site as well. It’s selling for a promotional offer of #750,000 outright,
though we still have other installment payment option. For more information and
site inspection, call Yemi @ Sterling Homes LTD: Plot 2, River Valley Estate,
Ojodu Berger, Lagos. Mobile: 07084546154, 08136119495
We will review and take appropriate action.