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Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.
Oil prices fell on Wednesday on weak economic data from China and Europe and a rise in U.S. crude inventories, almost erasing the previous session’s sharp gains after the U.S. said it would delay tariffs on some Chinese products.
Oil prices rose for a fifth day on Wednesday, supported by a drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time since the financial crisis more than a decade ago.
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.
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Former Emir of Bakura in Zamfara, Alhaji Hassan Marafa has emerged as the Deputy Chairman of the state chapter of the Peoples Democratic Party (PDP).
Oyo State Governor, Mr Seyi Makinde, has described his victory at the Governorship Election Petitions Tribunal as the triumph of truth over falsehood.
Google on Monday sent out invitations to an October 15 event starring “things Made by Google,” with a new Pixel smartphone expected in the line-up.
The House of Representatives ad hoc committee on abandoned Projects in Niger Delta has discovered that a total of 1,723 contractors had collected a total of N70.495 billion without mobilising to the site.
Gary Neville has branded Manchester United midfielder Paul Pogba’s agent Mino Raiola a disgrace and urged his former club to no longer negotiate with the Italian.
Senator Adeleke Mamora, Minister of State for Health, has appealed for harmonious working relationships among key players in the health sector to ensure delivery of quality healthcare services to Nigerians.
Oyo State Governor, Seyi Makinde, has challenged his political aides to be committed to the efforts of his administration to deliver the dividends of democracy to the people of the state.
Tropical Storm Humberto is threatening to disrupt search and rescue efforts in the Bahamas where 1,300 people are still missing following Hurricane Dorian.
The Conference of Former Speakers of the State Houses of Assembly in Nigeria (COFSSHA) said it went through hell to secure autonomy for State Houses of Assembly.
The president of Spanish football giant Real Madrid is planning to organise a tennis match between Roger Federer and Rafael Nadal at the club's Santiago Bernabeu stadium, according to Spanish media reports.