• 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 Prices Set for Sixth Consecutive Weekly Gains

Ajibola Akamo by Ajibola Akamo
January 28, 2022
in Commodities
Nigeria’s crude oil production declines to 1.51mbpd in March
Share on FacebookShare on TwitterShare on Linkedin

Oil prices are bullish in the London session today and are set for their sixth weekly gain, amid concerns of tight supplies as major producers continue their policy of limited output increases amid rising fuel demand.

The global benchmark, the Brent crude futures is up 0.5%, currently trading $89.79 a barrel after falling marginally in the previous day. However, prices did reach $91.04 earlier in that session, the highest since October 2014. The U.S. benchmark, the West Texas Intermediate (WTI) crude futures is up 0.6%, currently trading $87.11 a barrel, having declined Thursday. WTI also reached a seven-year high of $88.54 earlier in the session.

Both Brent and WTI are set to rise for a sixth week, the longest weekly streak since October 2021, when Brent prices climbed for seven weeks while WTI gained for nine.

RelatedStories

Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Crude Oil rallies past the FG Benchmark after Israel’s missile attacks on Iran

June 13, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

BonnyLight sells marginally higher than Brent, new Nigerian blend hits market

June 9, 2025

What You Should Know

This year so far, oil prices have gained approximately 15% amid geopolitical tensions between Russia, the world’s second-largest oil producer and a key natural gas provider to Europe, and the West over Ukraine as well as threats to the United Arab Emirates from Yemen’s Houthi movement that have raised concerns about energy supply.

The market is focusing on the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) where the cartel is likely to stick with a planned rise in its oil output target for March, according to several sources in the group that told Reuters.

An increase in oil output by producer nations cashing in on expensive crude has depleted the cushion of spare capacity that protects the market from sudden shocks and raised the risk of price spikes or even fuel shortages.

Tatsufumi Okoshi, senior economist at Nomura Securities stated, “Where Brent crosses $90 level, we see some selling from a sense of accomplishment, but investors start buying again when the prices fall a little as they remain cautious about possible supply disruptions due to rising geopolitical tensions. The market expects supply will stay tight as the OPEC+ is seen to keep the existing policy of gradual increase in production.”

Analysts from ANZ Research said in a note on Friday that, “OPEC has been struggling to increase output in line with the agreed rise in quotas … In effect, spare capacity is at a level which may not be enough to cover any geopolitical disruptions. We see the market remaining in deficit in Q1 2022. With supply constraints likely to be a feature of the oil market for a while, we see markets pricing in a sizeable risk premium.” ANZ also added that it raised its short-term oil price target to $95 per barrel.

Conclusion

On the demand side, crude oil imports in China, the world’s biggest importer of the commodity, could rebound by as much as 7% this year, reversing 2021’s rare decline as buyers step up purchases for new refining units and replenish low inventories, analysts and oil company officials said.

Tags: Brent Crudeoil pricesU.S. West Texas IntermediateWTI
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

Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Crude Oil rallies past the FG Benchmark after Israel’s missile attacks on Iran

June 13, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

BonnyLight sells marginally higher than Brent, new Nigerian blend hits market

June 9, 2025
How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In
Business News

How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In

May 10, 2025
Crude Oil Prices Plunge Below $60: What’s Next for Nigeria’s Economy and the Naira?
Digital Media

Crude Oil Prices Plunge Below $60: What’s Next for Nigeria’s Economy and the Naira?

May 7, 2025
Currencies

Brent crude rally lifts some pressure off Naira

May 6, 2025
FG to grant tax breaks to companies employing more staff – Wale Edun 
Blurb

What Wale Edun said when he was asked about impact of oil price fall 

May 6, 2025
Next Post
 Onitsha River Port Set To Receive 1000 Containers from Lagos Next Week

Reps ask CBN to halt implementation of e-evaluator, e-invoicing policy

Leave a Reply Cancel reply

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

first bank








DUNS

Recent News

  • London moves to ease Nigeria–UK payment barriers for businesses
  • DMO allots N4.27 billion in FGN Savings Bonds for July 2025 
  • Meet the TECNO SPARK 40: A Marvel, an embodiment of power, performance, technology, and style 

Follow us on social media:

Recent News

London moves to ease Nigeria–UK payment barriers for businesses

London moves to ease Nigeria–UK payment barriers for businesses

July 17, 2025
FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer

DMO allots N4.27 billion in FGN Savings Bonds for July 2025 

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