Oil price hits $55 per barrel; sets 11-month high record

Oil price hits $55 per barrel

Oil price hits $55 per barrel; sets 11-month high record Raises hope for Nigeria’s 2021 budget Saudi’s voluntary output cut to thank   The international oil benchmark, Brent crude, extended its gains on Friday, rising above $55 per barrel, in what is a potential boost to Nigeria’s crude oil export revenue. Brent crude, against which Nigeria’s oil is priced, hit an 11-month high of $55.41 per barrel as of 2:50pm Nigerian time on Friday, trading more than $15 higher than the Federal Government’s benchmark for the 2021 budget. The 2021…

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Oil slips as gloom grows over soaring COVID-19 cases, lockdowns

Covid-19 cases

Oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe. Brent crude futures fell 40 cents, or 0.8 per cent, to $48.39 a barrel at 0455 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 35 cents or 0.8 per cent, to $45.41 a barrel. Both benchmark contracts lost around 1 per cent on Monday, reports Reuters. Globally, a sharp rise in coronavirus cases has…

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2020 outlook for US crude wobbles further

Oil tumbles after hitting $53

U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a bigger decline than its previous forecast for a drop of 800,000 bpd. U.S. crude oil production has recovered from the two-and-a-half-year lows touched in May mainly because shale producers have brought wells back online in response to rising prices, reports Reuters. However, the EIA expects U.S. crude oil production to generally decline to an average of 11 million bpd in…

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

Oil tumbles after hitting $53

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 tumbles after hitting $53

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 tumbles after hitting $53

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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