Worries of pandemic surge in India, cost Nigeria, others oil fortune

Oil hits six-week high $68.47 as dollar weakens

Worries of pandemic surge in India, cost Nigeria, others oil fortune   With agency report   Nigeria’s oil fortune and other major oil exporting country fell on Thursday as the prices of the commodities settled lower, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report a day earlier that U.S. crude inventories fell more sharply than expected. Brent crude oil settled lower by 87 cents, or 1.3 per cent, at $68.09 a barrel. West Texas Intermediate (WTI) U.S.…

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Oil hits six-week high $68.47 as dollar weakens

Oil hits six-week high $68.47 as dollar weakens

Oil hits six-week high $68.47 as dollar weakens     The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a weak dollar and overall expected recovery in demand outweighed worries about the impact of increased COVID-19 cases in Brazil and India. Brent crude rose by $1.2 to $68.47 per barrel by 6:59pm Nigerian time, while the United States West Texas Intermediate rose by $1.07 to $64.93 per barrel, according to EnergyIntel. Reuters reported that oil prices had maintained an increase…

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Oil price tumbles 4% on concerns over Europe curbs, rollouts

Oil hits six-week high $68.47 as dollar weakens

Oil tumbles 4% on concerns over Europe curbs, rollouts     Oil prices fell more than 4 per cent on Tuesday, hit by concerns over new pandemic curbs and slow vaccine rollouts in Europe as well as a stronger dollar. Brent crude futures, against which Nigeria’s oil is priced, were down $2.56, or 4 per cent, to $62.08 a barrel by, having hit a low of $61.41. West Texas Intermediate crude (WTI) fell $2.65, or 4.3 per cent, to $58.91, after falling to as low as $58.47. Both benchmarks traded…

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Nigerian oil producers earn $2.4bn on 39.2mb exported in February

Oil hits six-week high $68.47 as dollar weakens

Nigerian oil producers earn $2.4bn on 39.2mb exported in February   Oil producers in Nigeria raked in $2.4304 billion from oil exports into the market controlled by the Organisation of Petroleum Exporting Countries (OPEC) in February, 2021. This came as OPEC declared that the country pumped 39.2 million barrels into the market in the 28 days of February based on 1.4 million barrels daily output. Checks show that the average cost of crude oil in February stood at $62 per barrel. Based on the figure of $62 per barrel and…

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Oil price rebounds on expected economic recovery

Oil price rebounds

Oil price rebounds on expected economic recovery   Oil prices rose on Tuesday on expectations of a recovery in the global economy after the U.S. Senate approved a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventories in the United States, the world’s biggest fuel consumer. However, a stronger dollar and receding fears of a supply disruption from Saudi Arabia, the world’s biggest oil exporter, after an attack on its export facilities capped price gains. Brent crude futures for May rose by 53 cents, or 0.8…

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Oil price rises by $0.25

Oil hits six-week high $68.47 as dollar weakens

Oil rises by $0.25   The international oil benchmark, Brent crude, rose by $0.25 to $63.94 per barrel as of 7pm Nigerian time on Tuesday. Recall that it hit a record high of $67.14 per barrel last Wednesday. The OPEC President, Diamantino Azevedo, said on Tuesday that the global oil market was rebalancing after damage to demand wrought by the pandemic was met with curbs on output by producers from the group. “Crude prices are relatively stable … we see a certain balance between demand and supply,” Azevedo was quoted…

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Oil rally may brighten Nigeria’s outlook, says OPEC

Oil rally may brighten Nigeria’s outlook

Oil rally may brighten Nigeria’s outlook, says OPEC   The rise in global oil prices could brighten Nigeria’s outlook this year, the Organisation of the Petroleum Exporting Countries (OPEC) said in a new report. The international oil benchmark, Brent crude, reached the $60 per barrel mark for the first time in over 12 months. It traded around $61.28 per barrel as of 3:54pm Nigerian time on Friday, more than $20 higher than the Federal Government’s benchmark for the 2021 budget. The 2021 budget, which was signed by President Muhammadu Buhari…

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Trimmed demand outlook causes oil first loss in 10 days

Oil hits six-week high $68.47 as dollar weakens

Trimmed demand outlook causes oil first loss in 10 days   Crude oil returned to the red territory on Thursday, halting a nine-day gaining streak after demand recovery was trimmed even in the face of production cuts and hopes that rollouts of vaccines will drive recovery. At the session, the price of the Brent crude depreciated by 19 cents or 0.31 per cent to sell at $61.28 per barrel, while the United States’ West Texas Intermediate (WTI) declined by 13 cents or 0.22 per cent to trade at $58.49 per…

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Oil price hits $60, highest in over 12 months

Oil hits six-week high $68.47 as dollar weakens

Oil price hits $60, highest in over 12 months   The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the extent of the COVID-19 pandemic became clear. The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil. Brent, against which Nigeria’s oil is priced, increased by $0.76 to $60.10 per barrel as of…

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Oil rises to $56 on US stimulus prospects

Oil hits six-week high $68.47 as dollar weakens

Oil rises to $56 on US stimulus prospects   Oil prices rose for a second consecutive day on Wednesday, as the market expects the new United States administration to ‘act big’ in the next COVID-19 relief package. As of 9:17 a.m. ET on Wednesday, the Inauguration Day for President-elect Joe Biden, West Texas Intermediate crude was up 1.53 per cent at $53.77, and Brent crude prices were trading above $56 a barrel – up by 1.16 per cent at $56.52, very close to the 11-month high prices hit last week,…

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