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.
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.
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.
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.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.
A gathering storm may soon hit economies of oil producing countries, as the United States of America (U.S.) has given indications of raising the production of its shale oil, sequel to the rising crude oil prices.The price of Brent crude monday rose for the sixth consecutive trading day in a row, hitting a 2016 peak of over $40 a barrel, as buyers were encouraged by talk that the Organisation of Petroleum Exporting Countries (OPEC) was targeting a higher anchor price after a sell-off that has lasted nearly two years.
Crude oil prices recorded losses yesterday after witnessing a little boost at the later part of last week.
The price of Nigeria’s sweet crude, yesterday, fell to $46.32 per barrel against $47.17 a barrel it was offered in the market on Wednesday. Also, the global benchmark, Brent crude oil fell from $50.54 per barrel to $48.58 a barrel as at yesterday.
Nigeria’s crude oil may enjoy a resurgence in the United States as many analysts believe it is well suited to meet a current gap in the market created by lower production of shale oil.
Other than Nigeria’s plummeting finances, oil companies in the country's oil and gas sector, as is the case with oil producers worldwide, have been forced to scale down on investments, slash their budgets and lay off staff as plunging oil prices takes a toll on crude oil exporting countries and industry operators.
