Oil rises on bullish API inventory report

Crude oil prices drop, pressured by stronger U.S. dollar

Oil rises on bullish API inventory report     The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 439,000 barrels for the week ending May 21. Analysts had predicted a draw of 1.050 million barrels for the week. In the previous week, the API reported a modest build in oil inventories of 620,000 barrels after analysts had predicted a larger build of 1.680 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data. Oil prices started…

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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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Nigerian petroluem regulator bars debtors from bidding for marginal oil fields

Africa Oil & Gas

OIL firms indebted to the Nigerian Government will not be allowed to participate in the newly launched bid round for marginal oilfields as oil firms, the Department of Petroleum Resources, (DPR) has revealed. Sarki Auwalu, Director of the DPR, in a statement, said that the 57 oil fields which are listed for bidding were small oil fields that major oil companies considered unprofitable and auctioned to indigenous companies under a competitive bidding round. “We are so impressed by the responses so far. For so long the industry has been stagnant…

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Oil hits $40, Nigeria cuts production by 216,000bpd

For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel.

Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT. This came as the Minister of State for Petroleum Resources, Timipre Sylva, declared that Nigeria’s compliance to the crude oil production cut that was agreed by members and non-members of the Organisation of Petroleum Exporting Countries had reached 52 per cent. In a…

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