Tag: Oil Price
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Oil slides on China trade slump, but crude imports remain high
Oil prices fell by almost 1 per cent on Monday, with Brent crude slipping below $60 per barrel. This followed a Chinese data showing weakening imports and exports in the world’s biggest trading nation and second-largest crude oil consumer. International Brent crude oil futures were at $59.91 per barrel at 0403 GMT, down 57 cents,…
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Oil hits $80, highest since Nov 2014 as Iran tension mounts
Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up…
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Reps approve 2018-2020 MTEF document, increase FG’s oil price benchmark to $47 per barrel
The House of Representatives on Tuesday approved the 2018-2020 Medium Term Expenditure Framework, MTEF, while also increasing the oil price benchmark proposed by the Federal Government from 45 to 47 dollars per barrel. TheNewsGuru.com reports that President Muhammadu Buhari had shortly before presenting the 2018 appropriations bill to the National Assembly sent the document alongside…