The price of crude oil has risen from $76.00 to $78.00 to per barrel in the global market following limited inventories in the United States and Iran sanctions.

THE price of crude oil yesterday rose to $76.62 from $74.17 to per barrel in the global market following limited inventories in the United States and Iran sanctions.

Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of U.S. sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries.

There are indications that the oil industry of the United States of America, USA, is now capitalizing on the recent upsurge in oil prices to pump-up volume in the market, leading to excess supply glut and slump in prices.

Chief Executive Officer, Economic Associates, Ayo Teriba, in this interview, argues that Nigeria could have avoided the economic recession, devaluation and inflation that accompanied the loss in foreign exchange revenue due to decline in crude oil price between 2014 and 2016, if government had taken the right step namely to build external reserves buffer that will protect the nation from the vagaries of the crude oil market.

Globally, the International Oil Companies, IOCs and their indigenous counterparts are smiling to the banks as crude oil price hits the roof at $80 per barrel.

Despite the huge N500 billion mark up on the Federal Government’s expenditure outlay in the 2018 Appropriation Bill as passed by the National Assembly earlier this week, the government is still going to hit budget surplus at end of the fiscal year as the price of oil shot up to $80 per barrel, yesterday, the highest since November 2014.

Oil price is now trending towards $80 per barrel following bullish trading that heightened yesterday in the international market which saw the price leap to $78 yesterday, up from $67 April average.

Oil prices held steady on Tuesday as the dollar remained near a four-month high, with crude supported by worries that U.S. President Donald Trump may pull out of the Iran nuclear deal.

Association of Bureaux De Change Operators of Nigeria (ABCON) has projected further increase in the price of crude oil in the second quarter of the year.

The price of crude oil has risen to over $72 per barrel in the international market, following political risk in the Middle East, accounting for commercial oil and gas production in the world.

Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.

By Udeme Akpan THE price of crude oil has risen from $68 to $70 per barrel in the international market as a result of rising demand, thus raising hope for the implementation of the nation’s N8.6 trillion 2018 budget. A survey of the market by Vanguard showed that the price of Bonny Light, Nigeria’s premium […]

Despite the low crude oil price in the global market, Oando Plc disclosed that it has reduced its debt position by 24 per cent.

IN what should be   considered the worst news for the oil  industry the International Energy Agency, IEA, has announced that there are approximately 230 million more barrels of oil in storage than previously believed.