• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Commodities

Oil marginally down on profit-taking but still trades at multi-year highs

Ajibola Akamo by Ajibola Akamo
January 20, 2022
in Commodities
Where next for oil prices?, Brent crude futures gained 0.14 to trade at $34.70 at the time this report was drafted, recovering some of its losses earlier in the oil trading session. , Brent crude price fails to remain over $40, concerns over pledge cut strengthens
Share on FacebookShare on TwitterShare on Linkedin

The black liquid is marginally bearish towards the start of the London session after hitting 2014 highs indicating that investors are taking profits. However, strong fuel demand and tight supply remained factors to limit losses.

The global benchmark, the Brent oil futures is marginally down by 0.14%, currently trading $88.32, after hitting $89.13, its highest since October 2014, during the previous session.

The United States benchmark, the West Texas Intermediate (WTI) futures is also down marginally by 0.01%, currently trading $85.79, as of the time of this writing.

RelatedStories

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
Nigerian oil market faces headwinds amid unsold oil cargoes

Nigerian oil market faces headwinds amid unsold oil cargoes

April 25, 2025

Supply concerns have mounted this week after Yemen’s Houthi group attacked the United Arab Emirates, the third-largest producer in the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Meanwhile, Russia, the world’s second-largest oil producer, has built up a large troop presence near Ukraine’s border, stoking fears of invasion and subsequent supply uncertainties.

What you should know

  • There was an explosion on Tuesday, near the Kirkuk-Ceyhan pipeline in Southeastern Turkey, which halted the flow of crude. However, supply through the pipeline has resumed, officials said a day later.
  • Tensions between Russia and the U.S. over Ukraine also remain high, with a large Russian presence built up near the border with Ukraine. Concerns about a potential armed conflict and subsequent supply disruptions are also mounting.
  • A broad recovery in fuel demand globally, combined with a tightening market, is also adding to the black liquid’s price action.
  • The OPEC+ is struggling to hit its monthly output increase target of 400,000 barrels per day (bpd). Some investors are also predicting that an oil rally may continue in the next few months, where prices could top the $100 mark.

ANZ bank analysts stated in a note that, “The International Energy Agency said global oil demand is on track to hit pre-pandemic levels. Shorter-term supply disruptions are also helping tighten markets. Brent futures rallied sharply after reports a key oil pipeline running from Iraq to Turkey was knocked out by an explosion.”

Yesterday’s U.S. crude oil supply from the American Petroleum Institute (API) showed a build of 1.404 million for the week ending Jan. 7.

Forecasts prepared by Investing.com predicted a 1.367-million-barrel draw, and the 1.077-million-barrel draw was recorded during the previous week

Investors now await crude oil supply from the U.S. Energy Information Administration (EIA), due later in the day.

Tags: crude oiloil price
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu
Digital Media

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
Nigerian oil market faces headwinds amid unsold oil cargoes
Energy

Nigerian oil market faces headwinds amid unsold oil cargoes

April 25, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

Brent and Nigerian oil blends stage recovery above $65 per barrel, eye $70

April 20, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Crude oil price rises above $74 amid U.S. sanctions, trade war concerns 

March 28, 2025
Nigeria records N1.3 trillion foreign trade surplus in Q2 2023 – Report
Economy

Nigeria’s top 10 foreign trade partners in 2024 

March 14, 2025
crude oil
Energy

Global oil prices surge on Monday as Trump’s tariffs spark supply fears 

February 3, 2025
Next Post
oil-producing states

PIA: Senate Upstream Committee promises total commitment in executing Act

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • Alleged $12 Million Money Laundering: EFCC Witness testifies against SunTrust Bank MD, Executive Director 
  • Three cement giants and FIRSTHOLDCO spark rally as ASI shatters 130,000 on the Nigerian stock market 
  • FG to host International Air Show in Abuja in December 

Follow us on social media:

Recent News

Federal High Court, ,

Alleged $12 Million Money Laundering: EFCC Witness testifies against SunTrust Bank MD, Executive Director 

July 17, 2025
Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

Three cement giants and FIRSTHOLDCO spark rally as ASI shatters 130,000 on the Nigerian stock market 

July 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

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
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics