• 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 down on profit taking amid worrying macro factors

Brent oil futures is down 0.56%, currently trading $92.75 a barrel.

Ajibola Akamo by Ajibola Akamo
February 7, 2022
in Commodities
Oil markets review
Share on FacebookShare on TwitterShare on Linkedin

The black liquid is down in the London session today, reversing some of its gains from Friday as investors noticed small steps forward in the US-Iran nuclear talks. However, the global supply of oil still remains tight as fuel demand increases.

The global benchmark, the Brent oil futures is down 0.56%, currently trading $92.75 a barrel, while the United States’ benchmark, the West Texas Intermediate (WTI) futures is also down 1.13%, currently trading $91.25 a barrel.

Both Brent and WTI futures rose more than $2 on Friday, recording a seventh consecutive week of gains as ongoing worries over supply disruptions continued to give the black liquid a boost.

RelatedStories

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025

What you should know

  • The U.S. during the previous week restored sanctions waivers to Iran to allow international nuclear cooperation projects, as talks on the 2015 international nuclear deal enter their final phase. Should the sanctions on Iran be completely lifted, the country could boost oil shipments and add to global supply.
  • Although the Iran talks are taking a step forward, macro-economic factors are still weighing on the price of oil. Members of the Organization of Petroleum Exporting Countries and its allies (OPEC+) are struggling to meet their quotas, despite pressure ongoing to raise production more quickly. In the U.S., although the rig count has been on an upward trend for a record consecutive 18 months, oil production is still far from pre-COVID-19 record levels.
  • Tensions in Eastern Europe also remain, with U.S. White House national security adviser Jake Sullivan warning on Sunday that Russia could invade Ukraine within days or weeks but could still opt for a diplomatic path. Russia is the world’s second-largest oil exporter.

What they are saying

Nomura Securities senior economist Tatsufumi Okoshi told Reuters that, “Investors scooped up short-term profits on the news suggesting progress in the U.S.-Iran nuclear talks, but fresh buying kicked in again after the technical corrections as global supply is expected to stay tight.”

Fujitomi Securities Co. Ltd. chief analyst Kazuhiko Saito told Reuters that, “Other investors are expecting more twists and turns in the U.S.-Iranian talks and no agreement to be reached anytime soon. The market tone remained bullish, with investment bankers predicting Brent hitting $100 a barrel and global supply continuing to be tight with OPEC+ not reaching their output targets and the United States not raising output much.”


Follow us for Breaking News and Market Intelligence.
Tags: Brent CrudeOPECOrganization of Petroleum Exporting Countries and its alliesWest 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

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment
Energy

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025
OPEC, crude oil production
Energy

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 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
OPEC, crude oil production
Energy

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 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
Next Post
PMS, petrol scarcity

Fuel scarcity hits some parts of Lagos as anxiety and confusion mounts 

Leave a Reply Cancel reply

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

first bank








DUNS

Recent News

  • US imports $1.34 billion Nigerian crude oil in five months despite Trump tariffs
  • Nigeria’s public debt may hit N160.6 trillion by December as borrowing intensifies – Report 
  • Nigeria’s young workforce fuels surge in digital skills, GenAI learning – Coursera Report 

Follow us on social media:

Recent News

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

US imports $1.34 billion Nigerian crude oil in five months despite Trump tariffs

July 20, 2025
President Bola Tinubu,

Nigeria’s public debt may hit N160.6 trillion by December as borrowing intensifies – Report 

July 20, 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