The report also stated that distillate inventories were up by 6.9 million barrels for the week, as against last week’s 5.1 million barrel inventories.
Brent crude futures gained 0.59%, at $35.96 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 1.07%, at $33.85 a barrel.
It is obvious that the scale of the oil crisis has defied the efforts of OPEC+ and other oil-producing countries, as the idea of production shutdown...
There appears to be no respite in sight for oil producers, as the volatility and continuous price slump in the global oil market continue.
Nigeria's currency is expected to have little price swings in the coming weeks, as the lockdown aggravates dollar shortages.
A historic deal to cut global crude oil output has been reached between OPEC, Russia and a group of 20 countries including the US, Canada, Brazil,...
Crude oil price rose on Thursday after President Donald Trump showed faith that the damaging oil price battle between Saudi Arabia and Russia could be settled.
The Minister for Finance, Budget and National Planning, Zainab Ahmed, has warned that Nigeria might go into another round of recession.
The Presidency yesterday announced a reduction in the price of Premium Motor Spirit (PMS) to N125 from the current price of N145.
The severe pressure on Nigeria’s foreign exchange market has led to significant depreciation of the Naira across all the market segments.