Browsing: oIL

Oil prices dipped over a weak demand outlook as China’s, the world’s second-largest crude consumer, industrial production slowed down. The bearish trade was also supported by a strong US dollar which kept energy costs elevated amidst a hawkish tone from the Federal Reserve.

Oil Dips Below $80 Despite OPEC+ Supply Cut Extension

Oando Plc, an energy solution provider, has posted a turnover of N3.4 trillion in its 2023 full year-end unaudited financials. The figure represents an increase of 71 per cent when compared to N1.9 trillion posted in 2022.

Despite a significant reduction in US stockpiles, as indicated by the Energy Information Administration’s (EIA) most recent report, crude oil prices continued to fall on Friday.

Brent price crossed $84 per barrel on Wednesday as crude oil rallied amid growing expectations that the world’s largest oil producers will continue to cut supplies at a time when global demand is set to rise with increased travel during the summer.

President Bola Tinubu says the three Executive Orders on oil and gas reforms will make Nigeria’s petroleum sector globally competitive.

Oil prices traded steady ahead of the OPEC+ meeting scheduled later in the week, when members will determine the group’s production policy along with US data indicating economic growth.

Oil prices remain under pressure ahead of the Organisation of Petroleum Exporting Countries  (OPEC)

Brent Hits $91 as Geopolitical Tensions Increase Concerns

Trading above $85 per barrel, oil prices have managed to break out of a narrow range since the beginning of the year due to unsettled market dynamics. Brent has