Tag: Oil Prices
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Oil prices slip, but ongoing supply cuts support
Oil markets fell on Thursday despite a surprise decline in U.S. inventories, but the price drops were tempered by a smaller-than-expected reduction in gasoline stocks and ongoing OPEC-led supply cuts. Brent crude futures were at 71.43 dollars a barrel at 0700 GMT, down 19 cents or 0.3 per cent from their last close and further…
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Oil prices rise as OPEC cuts supply
Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC. U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output. U.S. West Texas Intermediate (WTI) futures were at 59.10 dollars per barrel at 0314…
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How we will spend extra income from rising oil prices — Buhari
Income accruing to the country from rising oil prices in the international market will be spent on infrastructural development, President Muhammadu Buhari has pledged. Receiving a delegation from Eni, led by the Chief Upstream Officer, Mr. Antonio Vella, the President said extra funds outside the provision of year 2018 budget “will be deployed to infrastructure…
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Nigeria no longer cares about rise, fall of oil prices – Adeosun
Minister of Finance, Kemi Adeosun has expressed confidence in Nigeria’s economy under the leadership of President Muhammadu Buhari, stressing that the country has gotten to a point where it does not care if oil prices rise or fall. Adeosun who made the remarks during an interview with Bloomberg, said the Nigeria had learnt to live…
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Oil prices rebound ahead of producers’ compliance meeting
Oil prices edged up for a second day on Friday on expectations that a weekend meeting of the world’s top oil producers would demonstrate compliance to a global output cut deal. International benchmark Brent crude prices were up $1.30, or 2.4 per cent, at $55.46 a barrel at 1419 GMT. U.S. West Texas Intermediate…