We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

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

Oil prices rise on new demand and Opec+ complying with cuts

On Thursday, Iraq and Kazakhstan, during a meeting of a panel of Opec and its allies, Opec+, pledged to comply better with oil cuts, sources said. This means the curbs by Opec+ could deepen in July.

in Business
Reading Time: 1 min read
1 0
0
Oil prices rise on new demand and Opec+ complying with cuts

65839967 - brent crude oil. down.

2
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

London — Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after oil cartel Opec producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.

Brent crude rose $1.09, or 2.6%, to $42.60 by 8.29am GMT, the highest since June 8. US West Texas Intermediate (WTI) crude climbed $1.07, or 2.8%, to $39.91.

“Iraq said that it would meet its Opec+ production cuts and would make good the targets it had previously missed in the coming months,” said Jeffrey Halley, analyst at brokerage Oanda. “Signs that European consumption is rebounding also assisted supporting prices.”

Both contracts rose about 2% on Thursday and are heading for weekly gains of about 10%.

Brent has more than doubled since hitting a 21-year low in April, helped by record Opec+ supply cuts of 9.7-million barrels per day (bpd), or 10% of world demand, and an easing of government lockdowns imposed to control Covid-19.

More

Nigeria accelerates economic transformation with key reforms and signs of recovery

Rwanda combines youth innovation and circular economy to build a resilient nation

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

Fuel demand across Europe is staging a gradual recovery after the height of the lockdowns in April but remains well below normal, data from several countries shows.

In a further sign of market recovery, Brent moved into backwardation on Thursday, meaning oil for immediate delivery costs more than supply in the future, for the first time since March. A premium for oil for immediate delivery usually indicates tightening supply and encourages storage to be drawn down.

US crude stocks hit another record this week, but fuel inventories fell.

Source: businesslive.co.za
africanian

africanian

  • Trending
  • Comments
  • Latest
Rwanda combines youth innovation and circular economy to build a resilient nation

Rwanda combines youth innovation and circular economy to build a resilient nation

July 3, 2025
Weather in South Africa: Climate and Seasons

Weather in South Africa: Climate and Seasons

August 25, 2020
7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

June 25, 2025
In Tanzania, the Kibuka community has improved their household economy by more than 50%.

In Tanzania, the Kibuka community has improved their household economy by more than 50%.

July 11, 2025
Lesotho increases blood collection by 70% between 2017 and 2024

Lesotho increases blood collection by 70% between 2017 and 2024

July 8, 2025
Nigeria accelerates economic transformation with key reforms and signs of recovery

Nigeria accelerates economic transformation with key reforms and signs of recovery

July 7, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to info@africanian.com

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

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

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

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.