Oil prices jumped nearly $2 a barrel and gold, the yen and safe-haven bonds surged on Friday, after a U.S. air strike killed a top Iranian commander in Iraq, ratcheting up tensions between the two powers. Traders were clearly spooked after the death of Iranian Major-General Qassem Soleimani, head of the elite Quds Force. Iranian […]

Oil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last week to deepen crude output cuts in early 2020. Brent futures were down 11 cents, or 0.2 per cent, at 64.14 dollars […]

Oil prices slipped for a second straight session on Tuesday as a slowing global demand outlook outweighed OPEC’s deal with associated producers last week to deepen output cuts in 2020. Brent crude was down 17 cents, or 0.3%, at $64.08 per barrel by 0954 GMT while West Texas Intermediate oil was down 21 cents, or […]

By Michael Eboh & Prince Okafor The Nigerian National Petroleum Corporation, NNPC, yesterday, expressed concern that the persistent volatility in the price of crude oil is putting immense pressure on the local content initiative of the Federal Government. Speaking in Bayelsa, at the ongoing 9th Practical Nigerian Content, Group Managing Director of the NNPC, Mallam […]

Oil prices fell on Monday on concerns about slackening global demand that outweighed bullish signals from Europe, where fears of an economically damaging no-deal Brexit have eased.

Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the U.S.-China trade war. Brent crude futures LCOc1 edged down 28 cents to 58.09 dollars a barrel […]

An attack on Saudi Arabia that shut 5 per cent of global crude output caused the biggest surge in oil prices since 1991 after U.S. officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate.

Oil price hit a 2019 high above 69 dollars a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may reduce.

AS Nigeria’s stock market turn positive with significant capital gains ahead of official conclusion of the general elections, oil prices, yesterday shot up, apparently over uncertainty over the outcome of the election’s as well as the political tension in Venezuela. Also the pressure on oil price appears to be coming from a positive sentiment over United States–China talks.

Oil prices fell by more than two per cent on Monday, reversing earlier gains after U.S. President Donald Trump told OPEC producers to “relax” as prices were too high.

Amidst fears that oil price benchmark for 2019 budget may fail the test of prudence following stalemate in commodity price rally since this year, the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, has said that the federal government relied on forecast that expects oil price to be about $65 per barrel.

FSDH Merchant Bank has advised the federal government to adjust the $60 per barrel budget benchmark for crude oil price, in view of forecast of lower crude oil price in 2019.

Traditionally, the government sets the oil price benchmark at about 15 per cent below the ruling market price at the point of budget preparation. It is also important to note that because of our oil-dependency, any significant shift in the oil price benchmark would mess up the budget.

International oil price, yesterday, reversed its two-week upwards movement, slashing $2 to hover at $60.90 over fears of excess supply from non-OPEC member nations.

For the first time in 2019, the price of oil has risen from $60.00 to $62.70 per barrel as Organisation of Petroleum Exporting Countries, OPEC, intensifies efforts to withdraw excess oil from the volatile market.