ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
No Result
View All Result
Africanian
No Result
View All Result
Home Business

Nigeria: Oil prices rise as storm threatens U.S. gulf production, Bonny Light loses $0.28

Oil prices climbed on Monday as a tropical storm in the Gulf of Mexico prompted rigs to halt production even though wider concerns regarding excess supply and shrinking demand for fuel capped gains.

in Business
Reading Time: 1 min read
1 0
0
Nigeria: Oil prices rise as storm threatens U.S. gulf production, Bonny Light loses $0.28
3
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

More

Libya flights to Italy resume after nearly 10 years

RevUp Women Initiative: Empowering Women Entrepreneurs in Africa

AfriLabs Annual Gathering 2023 Unites Key Stakeholders to Drive African Digital Economy

U.S. West Texas Intermediate (WTI) crude futures edged up by 18 cents, or 0.5%, at $37.51 a barrel at 06:14 West Africa Time while Brent crude jumped by 9 cents, or 0.2%, to $39.92 a barrel.

Bonny Light, Nigeria’s banner crude grade, was down by 29 cents or 0.71% at $38.98 per barrel at the previous session on Friday. That same day, Qua Iboe, another major national oil grade, shed 94 cents or 2.29% at $40.19 a barrel.

Both the WTI and Brent closed lower last week, their second straight week of loss.

On Sunday, in the Gulf of Mexico west of Florida, Tropical Storm Sally intensified its rage and was on course to becoming a category 2 hurricane.

The storm is standing in the way of oil production for the second time in less than a month after Hurricane Laura hammered through the region.

Ideally, oil rises when production is shut down but with the coronavirus pandemic aggravating, demand concerns are at the forefront of global attention while supplies continue to grow the world over.

“A lacklustre driving season in the U.S. has seen the market reassess its view of U.S. demand… With U.S. refiners now shutting down for maintenance, crude demand is likely to remain soft,” ANZ Research said in a note.

BP Plc and Equinor ASA rescued employees from a couple of offshore platforms on Sunday

following similar actions by Chevron Corp and Murphy Oil Corp the preceding day.

In Libya, Commander Khalifa Haftar committed to ending a months-long blockade of oil facilities, a move expected to increase market supplies, even though it remained vague if oil field and ports would start operation.

Source: ripplesnigeria.com
africanian

africanian

  • Trending
  • Comments
  • Latest
Africa’s Top 5 Safest Countries to Explore in 2023

Africa’s Top 5 Safest Countries to Explore in 2023

September 30, 2023
Dreams Talks: Kicking Goals with Femi Raji —Super Eagles Media Manager

Dreams Talks: Kicking Goals with Femi Raji —Super Eagles Media Manager

September 29, 2023
Spain: The National Police School hosts the first edition of C1b3rwoman

Spain: The National Police School hosts the first edition of C1b3rwoman

September 30, 2023
President Tinubu Calls For Unity as Nigeria Turns 63

President Tinubu Calls For Unity as Nigeria Turns 63

October 1, 2023
Libya flights to Italy resume after nearly 10 years

Libya flights to Italy resume after nearly 10 years

October 1, 2023
Hidden by Colonial Shadows – Is Africa the True Cradle of Tech Innovation?

Hidden by Colonial Shadows – Is Africa the True Cradle of Tech Innovation?

September 30, 2023
Africanian

Copyright © 2022 Africanian.com.

Follow Us

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

Copyright © 2022 Africanian.com.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.