Saturday, October 20, 2018

Tag "Brent Crude"

    Foreign reserves decline for the first time in eight months

Foreign reserves decline for the first time in eight months

Data made available by the Central Bank of Nigeria show that the nation's foreign reserves dropped by $72 million between Thursday, May 10 and Monday, May 14.The reserves, which stood at $39.3 billion at the beginning of the year, has risen by $8.5 billion.In March, Isaac Okorafor, CBN spokesman, had attributed the continued growth to the bank’s effort to discourage unnecessary importation; inflow from oil [...]

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    After early year slump, crude oil returns to profit

After early year slump, crude oil returns to profit

Crude oil prices reached $65 on Monday after a drop in prices earlier in the year.Brent crude, which is the international benchmark of crude oil, had opened 2018 at $64.73. By January 9, it hit $68 before falling to $61.64 by February 1.Traders attributed the recent increase to a drop in the number of US drilling rigs for production and [...]

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    Oil falls below $60— Nigeria safe for now

Oil falls below $60— Nigeria safe for now

The global crude oil market seems not to have recovered from the fears of another supply glut as West Texas Intermediate (WTI) fell below $60 on Tuesday.Brent crude, the international benchmark of crude oil, traded at $62; a safe place for Nigeria, whose Bonny Light oil is priced the same as Brent crude. [...]

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    Adeosun: We don’t care if oil prices rise or fall

Adeosun: We don’t care if oil prices rise or fall

Kemi Adeosun, minister of finance, says Nigeria has got to a point where it does not care if oil prices rise or fall.In an interview with Bloomberg, the minister said the country had learnt to live with oil prices at $45-$46 a barrel.As of 2pm on Friday, Brent crude, the international benchmark of crude oil was trading at $70.20.US West Texas [...]

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    Oil prices soar to $67 — highest in over 2 years

Oil prices soar to $67 — highest in over 2 years

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    Oil prices hit 30-month high of $65

Oil prices hit 30-month high of $65

Brent crude oil prices jumped above $65 per barrel after the shut down of the Forties North Sea pipeline knocked out significant supplies.Brent crude, the international benchmark for crude oil, traded at $65.24 a barrel. The last time oil prices reached this point was in June 2015 when it traded at $65.49.US West Texas Intermediate (WTI) crude futures were at [...]

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    Equities slide ahead of a busy week, oil under the radar

Equities slide ahead of a busy week, oil under the radar

Despite a record high close on the S&P 500 on Friday, Asian equities edged lower, led by Korean markets.Chinese stocks continued to decline after having the biggest one-day selloff in 17 months on Thursday, as rising government and corporate bond yields signaled tighter liquidity conditions.Whether the selloff is a slight correction after a strong surge in 2017, or steeper [...]

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    Iran displaces Nigeria as India’s third largest supplier of crude

Iran displaces Nigeria as India’s third largest supplier of crude

Iran has displaced Nigeria as India's third largest supplier of crude oil after India, the world's third-largest oil importer, shifted its focus to the Middle East and the United States for supply.In August, India's Hindustan Petroleum Corporation said it would take its first crude oil import from the US, dumping Nigeria's sweet crude for US oil.Rising production output from the US [...]

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    Oil prices end gain streak, drop to $61

Oil prices end gain streak, drop to $61

The recent gains recorded by global oil prices have slipped as the commodity has lost more than $2 in seven days.As at 11am on Wednesday, Brent crude, the international benchmark dropped to $61 from the $64 recorded on November 7.US West Texas Intermediate (WTI) traded at $55.18, at against its trading price of $57.30 on November 7.In a report released [...]

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    Oil prices hit two-year high amid supply cuts

Oil prices hit two-year high amid supply cuts

Oil prices are on a two-year high with Brent crude peaking at $60.80 down from $60.91 per barrel on Tuesday.Nigeria's budget benchmark for 2017 is $44.50 per barrel.Reuters reports that benchmark Brent LCOc1 was down 10 cents at $60.80 per barrel by 1050 GMT, not far off July 2015-highs reached earlier this week, and up around 37 percent since their 2017 [...]

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    Oil prices hit 2-month high, trades at $53

Oil prices hit 2-month high, trades at $53

Oil prices hit a two-month high on Monday as a result of the tightening of US crude market and the threat of sanctions against OPEC-member, Venezuela.Brent crude futures traded at $52.90 per barrel, its highest since May 25, while West Texas Intermediate (WTI) rose by 16 cents to trade at $49.87 per barrel.Oil prices have risen by 10 percent since [...]

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    At $44.5 oil benchmark, Nigeria’s 2017 budget may be at risk — before take-off

At $44.5 oil benchmark, Nigeria’s 2017 budget may be at risk — before take-off

Declining oil prices may put the Nigeria's 2017 budget at risk, as deficit will rise due to fall in oil revenue for a budget yet to be passed by the national assembly.In the 2017 budget, Nigeria's executive arm set the crude oil benchmark at 2.2 million barrels per day at a price of $42.5 per barrel, before the senate pushed [...]

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    Oil prices rise ahead of meeting of OPEC and non-OPEC producers

Oil prices rise ahead of meeting of OPEC and non-OPEC producers

Oil prices extended gains on Friday on optimism that non-OPEC producers would agree to cut output following a cartel agreement to limit production.The Organization of Petroleum Exporting Countries (OPEC) will meet non-OPEC nations in Vienna on Saturday to seek their help in curbing a global supply glut.Azerbaijan already said it would come to the Austrian capital armed with proposals for [...]

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    Oil prices begin decline less than a week after OPEC deal

Oil prices begin decline less than a week after OPEC deal

Less than a week after the Organisation of Oil Exporting Countries (OPEC) agreed to a production cut for its members, oil prices have begun to decline.OPEC announced a 1.2 million barrels per day (mbpd) production cut at its 171st meeting in Vienna, on November 30.After the announcement, oil prices rose to a 16-month high, with Brent crude trading at $55.33 [...]

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    Militants push oil price to $51 – highest in 8 months

Militants push oil price to $51 – highest in 8 months

Oil prices jumped to the highest level in eight months on Wednesday due to ongoing supply disruptions in Nigeria and strong Chinese oil demand data.Industry data had shown a larger-than-expected drop in US crude inventories on Tuesday, indicating an easing of the supply glut, and a weak dollar which also boosted prices.Global benchmark Brent crude futures rose to the highest [...]

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    Oil prices crash to epic lows after US vote

Oil prices crash to epic lows after US vote

Crude oil prices on the global market crashed on Monday to epic lows, as they beat 2008 global economic crisis prices and sank beyond 11-year low with the US vote to lift ban on oil exports.New data released on Monday, revealed that the price of crude oil in the OPEC basket of twelve crude, stood at 31.63 dollars – an [...]

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Exchange Rates

October 15, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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