Crude oil prices rose yesterday, with Brent hitting four-month highs on a rally inspired by Organisation Of the Petroleum Exporting Countries (OPEC) plans to tighten output before pulling back as a surging dollar weighed on greenback-denominated commodities.
Crude oil prices moved up by six per cent yesterday following the decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut production in an attempt to curtail glut.
The prices of crude oil in the international market rose by two per cent yesterday after a surprise drop in crude stockpiles reported by the United States Government for a third week in a row.
Iranian Oil Minister, Bijan Zanganeh, has stated that his country supports an oil price of $50-60 per barrel and any measure that would help stabilise the market, following a meeting held yesterday with the Secretary General of the Organisation of Petroleum Exporting Countries (OPCE), Mr. Mohammed Barkindo in Tehran.
International oil benchmark, Brent crude, retreated on Monday, falling below the $50 per barrel mark on worries about growing Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count.Global oil benchmark, Brent crude, hit an eight-week high on Thursday as the world’s biggest producers prepared to discuss a possible freeze in production levels.
The expected oil-related N820 billion revenue to finance the 2016 budget is being threatened by the recent reduction of prices for Arab light by the world’s highest producer of crude oil, Saudi Arabia.
For the next fiscal year, the executive arm of government has proposed a crude oil benchmark price of $42.5 per barrel, up from the $30 in the 2016’s budget.
Crude oil prices were two-month low early yesterday, on fears that global inventories of crude and the increase in United States rig count could remain high.
Revenue from oil may further dip as crude prices declined to two months low yesterday.The development came as indications emerged that the United States shale producers have adapted to lower prices environment.
Oil prices topped $48 a barrel on Tuesday, as investors took advantage of a two-day slide in crude oil triggered by Britain’s vote to leave the European Union.
Crude oil prices bounced back to above $50 a barrel as militants continue to carry out their threats against Nigeria’s export pipelines and oil wells in the Niger Delta.
Global oil benchmark, Brent crude, on Thursday traded above $50 per barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery.
Oil hit its highest level wednesday driven by a falling dollar and evidence of declining United States supply, putting the price on course for its strongest monthly performance since last April, the News Agency of Nigeria (NAN) has said.
Fresh hope of a quicker recovery is on the horizon for cash-strapped Nigeria as the World Bank has raised its 2016 oil price forecast up from the previous level of $37 per barrel to a new height of $41.Crude oil prices hit a year-record high of $46 a barrel yesterday, giving Nigeria a buffer of $8 over its $38 a barrel 2016 budget benchmark, a feat, which it has not attained since January.
