Oil prices slip for second day on global growth worries
Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the U.S.-China trade war, although losses were limited by tensions in the Middle East after last week’s tanker attacks.
Oil prices jump on U.S-China trade hopes, supply cuts
Oil prices rose by more than 1.5 per cent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude.
Currency speculators risk losses as rising reserves, oil prices strengthen naira
If rising reserves, oil prices in the international market and foreign exchange (forex) market liquidity are sustained, the Naira may be strengthened against other currencies from now till a greater part of 2018. The development may spell doom for currency speculators and hoarders, including politicians who may have reserved some foreign currencies for 2019 electioneering…
Oil dips on lower China imports
OIL prices fell on Wednesday as Chinese crude imports slipped to their lowest level in a year, although traders said the overall market remains well supported because of Organisation of the Petroleum Exporting Countries (OPEC-led) supply cuts. Traders said they were closely eyeing escalating tensions in West Asia, especially between regional rivals Saudi Arabia and Iran. Brent futures were at $63.43 per barrel at 0744 GMT, down 26 cents, or 0.4 per cent. The decline follows Brent rising to an over two-year high of $64.65 earlier this week. US West Texas Intermediate (WTI) crude was at $56.90 per barrel, down 30 cents, or 0.5 per cent, from its last settlement. WTI also marked its highest in over two years earlier this week, at $57.69. China’s October oil imports fell sharply from a near record-high of about 9 million barrels per day (bpd) in September to just 7.3 million bpd, data from the General Administration of Customs showed on Wednesday. That is the lowest level since October 2016, though imports were up 7.8 per cent from a year ago. “Lower imports reflected less purchases from independent refineries as many of them are running out of crude quotas for this year,” said Li Yan, oil analyst with Zibo Longzhong Information Group. For next year, however, independent refiners are likely to boost their imports again as authorities on Wednesday raised the 2018 crude oil import quota by 55 per cent over 2017 to 2.85 million bpd . Overall, oil markets remain well supported largely due to an ongoing effort led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supplies to prop up prices. “Stronger oil fundamentals and investor inflows have been the catalyst for higher oil prices, but adding further support now is a focus on several geopolitical risks that have been looming over oil markets for a while,” said US bank Citi. With crude up more than 40 per cent since June, many US shale oil drillers have locked in recent profits by selling future production, pushing up trading in WTI crude futures. While producers are profiting from higher oil prices, oil-consuming industries are starting to feel the pinch. “Oil is back up to $60 a barrel, and I think it is going to put downward pressure on airline profits and margins in the coming years,” said Brian Prentice, a partner at aviation services firm Cavok. Despite recent oil price rises, offshore oil drilling activity remains low as companies are still reluctant to invest big sums into future output, Bernstein Research said on Wednesday. “We find little evidence of significant new work ahead ... We would have to see significant pick-up in sanctioning activity by year-end to believe in the beginning of a recovery,” it added.
Oil prices fall almost two per cent after end-of-week rally
The world remains awash with oil despite a deal struck by some of the world’s biggest producers to rein in output. Rising U.S. production has been a major factor keeping supply and demand from balancing.
IMF prescribes strategies to cope with low oil prices
The International Monetary Fund (IMF) has prescribed strategies to help crude oil and other commodity-dependent countries to cope with declining export revenues.
Plummeting oil prices: What options for Nigeria?
Most adult Nigerians alive today have witnessed the oil boom and gloom. The oil boom, apparently, was a God-sent gift to celebrate Nigeria’s independence, going by the history of its discovery at Oloibiri in 1957 and the first major boom...
Oil prices rise above $50 a barrel on Brexit moves
Oil prices rose above the $50 a barrel mark yesterday, after falling to less that $47 barrels in the last one week as concerns over a potential U.K. exit from the European Union temporarily eased.