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Oil fell towards $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and due to concerns about an economic slowdown that could weaken demand.
Oil markets dropped by around one per cent in 2019’s first trading on Wednesday, pulled down by surging US output and concerns about an economic slowdown in 2019 as factory activity in China, the world’s biggest oil importer, contracted.
The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.
Oil fell on Thursday bringing losses for the month so far to 23 per cent, marking its largest one-month fall since the depths of the financial crisis in 2008.
A return to oil production cuts by Organisation of Petroleum Exporting Countries (OPEC) and its allies in 2019 cannot be ruled out, a senior OPEC source said on Wednesday to avert a possible supply glut that could weigh on prices.
Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month.
Oil prices rose by more than $1 dollar per barrel on Tuesday due to growing global supply outages, with Norway shutting down one oilfield as hundreds of workers began a strike and Libya saying its production more than halved in recent months.
President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally, Saudi Arabia, to raise supplies to compensate for lower exports from Iran.
The Supreme Court on Thursday dismissed a suit filed by Idris Mamman-Gatumbwa challenging the nomination of Governor Babagana Zulum by the All Progressives Congress (APC) as its governorship candidate for the 2019 general elections.
The Federal Government has raised an alarm over a recent virile disease, Cassava Brown Streak Disease (CBSD), ravaging East and Central Africa now making its way to West Africa.
An Islamic cleric Ganiyu Salami, on Thursday approached an Igando Customary Court, Lagos, to end his 40 years marriage to Halimatu, for allegedly denying him sex and threatening his life.
Justice Darius Khobo of Kaduna State High Court, on Thursday, adjourned hearing in the application for permission to travel to India for medical attention filed by Ibrahim El-Zakzaky and his wife, Zinat, to July 29.
A coalition of Civil Societies Organisations (CSOs) in Cross River, have given Governor Ben Ayade 60 days to conduct local government election in the state.
Super Eagles forward Odion Ighalo ends the 2019 Africa Cup of Nations (AFCON) in frustration after picking up a hamstring during the third place match against Tunisia despite scoring the winning goal.
The Association of Professional Bodies of Nigeria (APBN) has urged President Muhammadu Buhari to constitute his cabinet without delay to restart the country’s economic growth.
The leadership of the Senior Staff Association of Nigerian Universities (SSANU) and the Non Academic Staff Union (NASU), are meeting in Abuja over different issues affecting members of the joint union.
Nigeria and Algeria will clash for the 21st time at senior men’s level on Sunday night in an AFCON 2019 semi final encounter that promises lots of fireworks at the Cairo International Stadium.
The Police Command in Kano State has confirmed the arrest of a housewife, Aisha Ali, who allegedly poured hot water on the private part of her husband.