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Tag: crude oil price

News

Oil prices fall by over $3

Oil prices fell by more than $3 a barrel on Monday following Israel’s retaliatory strikes against Iran over the weekend, which did not target Tehran’s oil and nuclear facilities and thus did not disrupt energy supplies. This development eased geopolitical tensions in the Middle East. Both Brent and U.S. West Texas Intermediate crude futures opened […]

Oil and Gas

Oil nears $80 mark amid Middle East tensions

Oil prices continued their upward trajectory on Monday, with Brent crude nearing the $80 mark as concerns over a potential escalation of conflict in the Middle East fueled fears of disruptions to exports from this critical oil-producing region. Brent crude futures had increased by $1.09, or 1.4%, reaching $79.14 a barrel by earlier today, according […]

Oil and Gas

Nigerian crude dips to $86.5 per barrel as global demand weakens

Nigeria’s crude oil prices experienced a slight dip to $86.53 per barrel, while maintaining their premium status amidst increasing global petroleum and fuel stocks. Specifically, Brass River and Qua Iboe benchmarks saw a decline of 59 basis points, settling at $86.53 per barrel. This decrease was observed late Tuesday, coinciding with Brent Crude trading at […]

Global stock markets find balance amid European equities
News

Global stock markets find balance amid European equities

Global stock markets maintained a sense of equilibrium, with European equities showing resilience, particularly in response to Italy’s decision to allay concerns about a proposed bank profit tax. Meanwhile, the dollar experienced a slight decline as new economic data highlighted shifts in the Chinese economy. As Wall Street opened to mixed sentiments, the Nasdaq and […]

Petrol imports from Russia records 84% increase - Report
Economy

FX trade, crude oil price account for 80% of petrol price — IPMAN

The Independent Petroleum Marketers Association of Nigeria have explained that the international price of crude oil and the exchange rate constitute the largest components of the cost build-up for PMS, accounting for over 80 per cent.   The PUNCH reported that the Secretary, IPMAN, Abuja-Suleja, Mohammed Shuaibu, said, “The rise in crude oil price and […]

Economy

Oil export: Nigeria’s Q3 foreign trade drops to N11.6trn

Nigeria recorded a total foreign trade of N11.59 trillion in the third quarter of 2022, representing a 9.7% decline compared to N12.84 trillion recorded in Q2 2022.   The National Bureau of Statistics’ newly published foreign trade report contained these information.   While this statistics reveals a decline from quarter to quarter, it is, however, […]

Oil Theft: Nigeria loses $150m every two days
Oil and Gas

Oil price drops to $86/barrel

The worldwide price of Brent, the global benchmark for crude, Sunday dropped to $86 per barrel even as all oil grades witnessed reduced prices on the first day of the week. This development occurred amid the recent efforts of the Organization of Petroleum Exporting Countries to stabilize the cost of the commodity. OPEC’s September 2022 […]

Interview

Fuel subsidy more beneficial to rich Nigerians – Financial expert

In this interview, the Executive Director, Cordros Capital, Femi Ademola, speaks on investment decisions, fuel subsidy and foreign direct investments into Nigeria Many low-income earners usually look for investment areas where they can get huge returns in a short time. Is this realistic? What I have noticed with low-income earners is they are looking to […]