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

Brent price surpasses $74 per barrel

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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Huawei bows to US pressure, to stop making Kirin flagship chipsets

Huawei bows to US pressure, to stop making flagship chipsets

Huawei Technologies Co will stop making its flagship Kirin chipsets next month, local media reported on Saturday, as the impact of U.S. pressure on the Chinese tech giant grows. U.S. pressure on Huawei’s suppliers has made it impossible for the company’s HiSilicon chip division to keep making the chipsets, key components for mobile phone, Richard Yu, CEO of Huawei’s Consumer Business Unit was quoted as saying at the launch of the company’s new Mate 40 handset. With U.S.-China relations at their worst in decades, Washington is pressing governments around to…

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US import of Nigerian oil drops by 63%

US, import, oil drops

The United States’ import of Nigeria crude oil plunged by 63.03 per cent in the first quarter of this year, compared to the last quarter of 2019. Latest data from the US Energy Information Administration showed that the country imported 5.53 million barrels of crude from Nigeria in Q1 2020, down from 15.07 million barrels in Q4 2019. The US bought 1.92 million barrels in January; 1.93 million barrels in February and 1.68 million barrels in March, according to the EIA. The US has significantly reduced imports of Nigerian crude…

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