Oil prices hold gains after U.S. crude inventory draw

oil price and equities

Oil prices edged higher on Thursday, extending their 2 per cent gains from the previous session, after data showed U.S. crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September. West Texas Intermediate (WTI) crude CLc1 futures climbed 8 cents, or 0.2 per cent, to $41.12 a barrel at 0430 GMT, while Brent crude LCOc1 futures rose 7 cents, or 0.2 per cent to $43.39 a barrel. Oil markets climbed for a third day despite resurgence in COVID-19 infections…

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OPEC Outlook: Time to get real?

By Han Tan ___________________ Oil prices remain relatively stable, as investors await OPEC’s World Oil Outlook due later today. It comes at a time when demand-side concerns continue to weigh on prices, while the OPEC+ supply cuts programme is set to be pared back further in January. Such a context has lent itself to both Brent and WTI futures, in September, posting their first monthly losses since April. Brent extended those declines by falling by another 0.7 percent so far in October, struggling to break above its 100-day simple moving…

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Crude oil price rises by 6% to $41

oil price and equities

The international oil benchmark, Brent crude, surged by six per cent on Monday after doctors said the United States President Donald Trump could soon be discharged from the hospital where he was being treated for COVID-19. The upturn in oil prices comes as six Norwegian offshore oil and gas fields were shut as more workers joined a strike, according to Reuters. Brent, against which Nigerian oil is priced, rose by $2.12 to $41.39 per barrel as of 8:05pm Nigerian time on Monday. “A lot of people thought last week’s selloff…

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Gold prices to average above $2,000, Silver to average above $30 through 2024

Gold and silver’s impressive rally this summer is just the start of the precious metal bull market, according to one Canadian Bank. In a report published Tuesday, commodity analysts at Canadian Imperial Bank of Commerce (CIBC) upgraded their gold and silver forecasts for the rest of the year into 2021. The analysts said that they see gold prices averaging the third quarter around $1,925 an ounce. The average goes up to $2,000 for the fourth quarter, the analysts said. Looking ahead, CIBC sees gold prices averaging $2,300 an ounce in…

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Oil price rises to $40

oil price and equities

Business Metrics with Agency Report _________________________ Oil prices rose more than two per cent on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude gained 92 cents, or 2.3 per cent, to settle at $40.53 a barrel, while U.S. West Texas Intermediate crude futures rose $1.02, or 2.7 per cent, to settle at $38.28 a barrel. Both contracts fell on Monday, according to Reuters. Futures gained ahead of Hurricane Sally’s expected landfall…

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Food, fertilizer importers hit hard by new presidential directive on forex

forex, CBN, fertiliser

In a bid to bolster local production, importers of food items and fertilisers in Nigeria have been disqualified from accessing forex in the vault of the Central Bank of Nigeria (CBN). In a stern manner, President Muhammadu Buhari on Thursday directed the CBN not to provide forex for the importation of food items or fertilizer going forward. Speaking on Thursday at a meeting of the National Food Security Council at the State House in Abuja, the president urged private businesses bent on food importation to source their foreign exchange independently.…

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Oil drops more than $1 after Saudi price cuts, demand optimism fades

Oil, Crude Oil, oil price futures, OPEC, OPEC+,

Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July. The drop is coming after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $41.75 a barrel, down 91 cents or 2.1 per cent by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30. U.S. West Texas Intermediate crude skidded 91 cents or 2.3 per cent to $38.86 a barrel. Front-month…

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Gold needs to be embraced as portfolio diversifier – experts

Gold needs to be embraced as portfolio diversifier: Experts

There is a need for investors to embrace gold as a portfolio diversifier and for hedging strategy especially in the current environment that presents uncertainties, according to experts. The yellow metal is expected to have a good run in the coming times as demand will emerge, and it should be seen as part of portfolio diversifier by an investor at this juncture. The experts said this in a webinar on ‘Gold Investment Opportunity and Price Outlook’ organised by the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday, The Economic…

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How to benefit from CBN’s non-interest agric loan

How to benefit from CBN’s non-interest agric loan

The Central Bank of Nigeria (CBN) has released procedures for Nigerian youths willing to benefit from its Accelerated Agricultural Development Scheme (AADS). According to the apex bank in a seven-page document released on Tuesday, the Programme is to engage a minimum of 370,000 youths in agricultural production across the country over the next three years in order to reduce unemployment among the youths in the country. As agric loan targets youths between ages 18 and 35 years, AADS is designed to increase agricultural production towards food security, job creation and…

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Expected increased output overshadows OPEC+ weekend pact

Oil, Crude Oil, oil price futures, OPEC, OPEC+,

 BusinessMetricsNG with wire report weakens Crude-oil futures Crude-oil futures turned lower Monday as investors focused on the prospect of increased output from some countries. This is coming even after Organisation of Petroleum Exporting Countries (OPEC) and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July. Overall compliance to the production-cut deal, which was a sticking point headed into the gathering, has been a consistent worry, experts said. A fear of a ramp-up in output from North…

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