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West Texas Intermediate
Oil prices rose on Monday as a tropical storm in the Gulf of Mexico prompted drillers to evacuate rigs and shut-in production.
Oil prices edged up on Thursday, but held near multi-week lows hit overnight after U.S. data showed gasoline demand fell and recovery from the COVID-19 pandemic was lagging.
This bolsters hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic.
Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.
Asian markets rose Monday, recovering some of the losses at the end of last week, as investors followed a strong performance on Wall Street fuelled by hopes for a coronavirus vaccine, though a spike in infections around the world capped gains.
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.
Oil prices advanced on Thursday as a drawdown of the U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains.
Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns.
Oil prices fell on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.
US President Donald Trump says Texas, Oklahoma, and North Dakota are going to cut their oil production, without giving specifics on numbers, amid a glut in energy supplies and shortages of storage that led to massive drops in prices on the market.
Prof. Wumi Iledare, former President Nigerian Association of Energy Economics (NAEE), has advised the Federal Government to spend prudently to avoid breakdown of the nation’s economy as global oil price continues to crash.
The price of West Texas Intermediate (WTI), the benchmark for U.S. oil, dropped 39.09 per cent to $10.98 a barrel on Monday.
The Nigerian Union of Teachers (NUT), Jos East Chapter, on Wednesday decried the non-implementations of the new minimum wage in the state.
The Primate, Church of Nigeria, Most Rev. Henry Ndukuba, on Wednesday called on the Federal Government to urgently come up with programmes to cushion the effects of the hike in petrol prices and electricity tariff on citizens.
The Peoples Democratic Party (PDP), has urged the governments at all levels to articulate strategies to mitigate the menace of flood and forestall such devastation in the future.
US West Coast state to join 15 nations that have set similar goals in order to fight climate change.
Former National Chairman of the All Progressives Congress, Adams Oshiomhole, says he is not downcast even though his party lost the just concluded governorship election in Edo State.
FC Barcelona president Josep Maria Bartomeu says he does not wish to have any more disputes with club captain Lionel Messi.
President Muhammadu Buhari on Sunday night met behind closed doors with President Nana Akufo-Addo of Ghana at the Presidential Villa, Abuja.
Disqualified Big Brother Naija Lockdown housemate, Erica, has said that her disqualification from the show taught her to make use of her head more than her feelings.
Nigeria will continue to partner with the World Health Organisation (WHO) and some countries to ensure accelerated development and manufacturing, as well as the uninhibited supply of safe and effective Coronavirus vaccines to all, President Muhammadu Buhari declared Tuesday.
The Federal Road Safety Corps (FRSC) has confirmed the death of five persons and injury of five in an accident involving a truck and a Mazda bus in Saki area of Oyo State.