Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks. Brent crude futures LCOc1 settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures CLc1 lost
Some crude from a vast Nigerian glut was being absorbed in recent tenders, though differentials had slipped significantly. * The VLCC of Nigerian Bonny Light from Shell awarded by India’s HPCL for Nov. 1-10 loading sold for less than dated Brent minus 50 cents, traders
Jet fuel consumption remains the hardest hit section of the global oil market as passengers avoid air travel as a result of the pandemic and government travel restrictions. The specific problems of the jet market explain why refinery margins for closely related distillates such as
Nigeria is holding talks to give up majority stakes in all four of its moribund oil refineries, Mele Kyari, head of the state oil firm NNPC, said on Wednesday. He told Channels TV that discussions were taking place on an operating model in which the
Looking for pre-pandemic consumption as early as Q4- Inventory data remains bullish The price of oil is sitting at just below $43 per barrel Technical factors point higher, and so does the price action in other commodities The price of nearby October crude oil futures
Whenever the commodity cycle reaches a trough, all eyes turn to China. Asia’s biggest powerhouse has through years of explosive growth become the top—or one of the top—importers of many commodities, leading the producers of these commodities to base their own growth strategies on China’s
Gold prices settled sharply lower Wednesday, ending a two-day string of gains, as the U.S. dollar halted its skid and as commodity investors watched for minutes from the Federal Reserve’s July policy meeting, which could provide further insights on the central banker’s outlook for the
In 2018, when a rice farmer, Lawal Bala, experienced a positive turnaround in his farming business, he was overwhelmed with joy. For Mr Bala, the farming season was worth looking forward to. Now, he enjoys farming more than ever before. This had not always been
Global food prices continued rising for the second consecutive month in July, led by vegetable oils and dairy products, the Food and Agriculture Organisation has said. According to the Food Price Index report published on Thursday on the FAO web page, which tracks international prices of the most
Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday. Timpire Sylva made the comments during a webinar organised by Nigerian oil company Seplat. OPEC