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Tag: Crude oil prices

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
News

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 […]

News

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 […]

News

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
News

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 […]

News

Oil prices stabilise amid Middle-East uncertainty

Oil prices steadied in Asian trading on Wednesday as traders balanced concerns over the ongoing Middle East conflict with persistent bearish market fundamentals. Brent crude futures increased by 11 cents, or 0.14%, reaching $77.29 a barrel by 0223 GMT. Meanwhile, U.S. West Texas Intermediate futures rose by 3 cents to $73.60 a barrel, according to […]

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