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The drop is coming after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic.
Oil prices rose on Monday as China’s plans to ship in large volumes of United States crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
The Nikkei index in Tokyo finished Monday’s trading session with a 2.2% gain. Hong Kong’s Hang Seng index is down 0.7% in late afternoon trading, while Shanghai’s Composite index is up 1.4% after a private survey showed Chinese manufacturing activity rose in July.
Oil prices dipped on Wednesday after industry data showing a build in United States crude stockpiles added to worries about oversupply, but hopes for a swift economic recovery in China limited losses.
Oil prices edged down on Monday as traders took profits, with the Organisation of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.
The Kwara Government would on Friday begin review sessions involving heads of ministries as a step to urgently rework the N162 billion 2020 budget to align it with current global economic realities.
The Nigerian naira fell to its lowest level against the dollar in three years on the black market on Tuesday, traders said, a day after a historic oil price rout pushed U.S. crude futures below zero.
Nigeria said Friday that a “historic” agreement between major oil producers to cut output by 10 million barrels per day, if it goes forward, could boost prices by $15.
Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries (OPEC) if crude oil prices decline further by at least another $3.
The Nigerian Governors Forum (NGF) says it will work with the Minister for Health, Osagie Ehanire, to set up functional test and isolation centres in every state in the country.The Nigerian Governors Forum (NGF) says it will work with the Minister for Health, Osagie Ehanire, to set up functional test and isolation centres in every state in the country.
Nigeria is looking at reducing its budget by 1.5 trillion naira ($4.90 billion) as the global spread of the coronavirus takes a massive toll on Africa’s largest economy and one of the continent’s biggest oil producers, the finance minister said on Wednesday.
Fernandinho will be Manchester City’s captain for the 2020-21 season, manager Pep Guardiola has confirmed.
Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.
A chieftain of the ruling All Progressives Congress, APC, and former governor of Imo State, Senator Rochas Okorocha, has described the loss of his party in the Edo State governorship election as people’s revolution against injustice.
The increasing number of air force incursions from China is starting to fray nerves among ordinary Taiwanese, who wonder if their heavily armed political rival finally plans to attack after decades of threats, polls and analysts say.
The Southern Nigeria Peoples Mandate (SNPM), a political pressure group, has commended President Muhammadu Buhari for ensuring hitch-free, fair and credible governorship election in Edo.
The Anambra State branch of the Nigerian Medical Association ( NMA ) has described the status of general hospitals in the state as unfit and not conducive for patients due to what the association termed bushy environments, lack of electricity at nights, lack of doctors, shortage of medical personnel and a host of other issues.
The Board of Directors of Polaris Bank Ltd and Asset Management Corporation of Nigeria has appointed Mr Segun Opeke as an Executive Director.
The Nigerian National Petroleum Corporation, NNPC, Thursday, announced a trading surplus of N20.36 billion in July 2020, rising by 860 per cent from a surplus of N2.12 billion recorded in June.
The Deputy Governor of Ondo State, Agboola Ajayi, has lashed out at his boss, Governor Oluwarotimi Akeredolu, for preventing the Zenith Labour Party, ZLP, from accessing the MKO Abiola Democracy Park for the party’s flag-off campaign.
Manchester United appear to be close to signing left-back Alex Telles from FC Porto, but face a potential last-minute hijacking of the deal.