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Oil prices rally as Trump orders Venezuelan tankers blockade

Crude oil prices climbed after United States President Donald Trump issued a directive for a blockade against sanctioned tankers from Venezuela. Meanwhile, equities saw general gains on Wednesday, though United States employment figures did not significantly increase the likelihood of another interest rate reduction in the coming month. Trading sentiment has remained quiet recently because […]

Crude oil
Oil and Gas

Reps suspend 2026-2028 MTEF over inconsistent oil prices

The House of Representatives has halted its review of the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper. This decision followed a disagreement among lawmakers regarding the proposed adjustments to crude oil price assumptions, which serve as the foundation for the federal government’s revenue and spending blueprints. The framework was presented during Wednesday’s plenary by […]

Oil and Gas

Crude oil prices drop by $2.91 on Thursday

Oil prices dropped sharply on Thursday, with U.S. West Texas Intermediate falling $2.91 (4.2%) to $59.44 per barrel, and Brent crude dropping $2.77 (4.2%) to $62.71 per barrel. The decline erased the previous session’s gains as investor sentiment shifted due to uncertainty over a partial pause in U.S. tariffs and escalating trade tensions between the […]

Oil and Gas

US crude oil drops below $60/barrel, lowest since 2021

United States oil prices dropped below $60 a barrel on Sunday due to concerns that President Trump’s global tariffs could push the U.S. and possibly the world into a recession. Futures for West Texas Intermediate crude fell over 3 per cent to $59.78, following back-to-back 6% declines last week. This marks the lowest price for […]

Oil and Gas

Crude prices drop to $65, lowest since 2021

Oil prices dropped sharply to $65 per barrel this week after the United States imposed new import tariffs and an unexpected supply increase from OPEC+ flooded the market, wiping $10 off global benchmarks. This followed a brief rally last week when U.S. President Donald Trump announced tariffs on countries purchasing crude oil from Venezuela, tightening […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
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Global crude exports fall amid trade route shifts

Global crude exports in 2024 dropped by 2%, marking the first decline since the COVID-19 pandemic, due to weak demand growth and shifts in refinery and pipeline routes. The ongoing wars in Ukraine and the Middle East have continued to disrupt global crude flows, causing tanker shipments to be rerouted and creating regional divisions between […]

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Crude prices rise after Syrian president’s regime collapse

Oil prices rose on Monday amid heightened uncertainty in the Middle East following the fall of Syrian President Bashar al-Assad’s regime. Brent crude increased by 36 cents to $71.48 per barrel, while U.S. West Texas Intermediate crude gained 38 cents to $67.58 per barrel. However, the gains were limited by concerns over reduced demand for […]

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Oil prices stable amid global conflicts

Oil remained mostly unchanged for a second day on Wednesday as data indicating increased United States crude reserves was countered by worries that the crisis in Ukraine may hamper Russia’s oil supply and indications of an increase in Chinese crude imports. Brent crude futures were up 11 cents to $73.42 per barrel early morning. The […]

Fuel price hike linked to naira devaluation, says Rainoil CEO
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Fuel price hike linked to naira devaluation, says Rainoil CEO

CEO of Rainoil Ltd, Dr. Gabriel Ogbeche, has asserted that the soaring fuel prices in Nigeria are largely influenced by the exchange rate rather than fluctuations in crude oil prices on the global market. He made this statement during an interview on Channels Television’s Business Morning program. Ogbeche noted that the federal government fully deregulated […]

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