• 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 fall significantly despite improved US employment figures, economic data

Chike Olisah by Chike Olisah
December 6, 2022
in Commodities
Crude Oil prices, oil
Share on FacebookShare on TwitterShare on Linkedin

Crude oil prices fell significantly on Tuesday despite robust strong US economic data as well as improved employment figures and a positive Purchasing Managers’ Index (PMI).

According to Oilprice.com, Brent crude fell by about 3.5% to trade at $79.76 per barrel, while the American WTI dropped 3.30% to trade at $74.39 per barrel as there are concerns that the Federal Reserve could continue its aggressive policy tightening path.

Oil market not impressed by oil price cap

Oil prices have been on a freefall this week as markets remain unimpressed by the G7 oil price cap that has not led to any anticipated supply shortage.

RelatedStories

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

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

May 10, 2025

The European Union (EU) and the United States agreed to a 45-day transition period when parties can still legally purchase crude, provided it is delivered to the end destination by January 19 2023.

Also, the physical traders that usually wait weeks until they learn the final price have expressed their discontentment, saying the price cap is forcing them to take unnecessary risks without having any impact on Brent or WTI quotes.

Most oil cargoes across the planet are priced on a forward and floating basis, implying that if G7 buyers would want to make sure they comply with the price cap, they would need to buy at a fixed price, a rarity in the markets.

Surprise drop in oil prices despite improved US economic, Labour data

The US services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year.

News of economic prowess rarely provokes a massive drop in oil prices, however, this week’s robust US economic data, with both labour figures and industry PMI coming in well above expectations, helped to achieve the opposite.

Apart from the Russian oil price cap, Chinese demand, and others, the prospect of the US maintaining higher interest rates for longer is slowly becoming a mainstream idea as inflationary pressures weigh on mid-to-long-term market sentiment.

Oil Price Cap Becomes Reality. 

After the Group of Seven agreed on a $60 per barrel price cap last Friday, the new measure came into effect this week amidst repeated pledges from Russia not to sell any oil to countries that are participating in the price capping.

 

Tags: American WTIBrent CrudeCrude oil prices
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

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
OPEC
Energy

OPEC+ plans 2.2 million bpd oil output increase by November 

May 4, 2025
Next Post
Renmoney turns 10, marks anniversary with business community in Nigeria

Renmoney turns 10, marks anniversary with business community in Nigeria

Leave a Reply Cancel reply

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

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • FG launches LUMINAH 2030 to empower over one million girls and women by 2030 
  • FG terminates Levant Construction Ltd’s contract on Benin–Sapele–Warri Road project 
  • FG inaugurates expanded committee to propose building oversight law and address collapse crisis 

Follow us on social media:

Recent News

FG launches LUMINAH 2030 to empower over one million girls and women by 2030 

FG launches LUMINAH 2030 to empower over one million girls and women by 2030 

June 19, 2025
FG terminates Levant Construction Ltd’s contract on Benin–Sapele–Warri Road project 

FG terminates Levant Construction Ltd’s contract on Benin–Sapele–Warri Road project 

June 19, 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