Oil and Gas

Tokyo, July 24, 2024 – Oil prices rose around 1% on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures gained 64 cents, or 0.9%, to $69.15 a barrel by 0630 GMT. U.S. West Texas Intermediate crude futures climbed 68 cents, or 1%, to $65.93 per barrel. Both benchmarks were little changed on Wednesday as markets monitored developments in U.S.-European Union trade talks, following President Donald Trump’s tariff dea with Japan. The agreement lowers …

Singapore, July 21, 2025 – Oil prices were little changed on Monday as traders assess the impact of new European sanctions on Russian oil supplies while they also worry about tariffs possibly weakening fuel demand as Middle East producers are raising output. Brent crude futures dropped 10 cents to $69.18 a barrel by 0655 GMT after settling 0.35% lower on Friday. U.S. West Texas Intermediate crude was at $67.33 a barrel, down 1 cent, following a 0.30% decline in the previous session. The European Union approved on Friday the 18th …

London, July 16, 2025 – Oil prices rose on Wednesday, boosted by expectations of firm summer demand in the world’s two largest consumers, the United States and China, though gains were capped by analysts’ caution about the wider economy. Prices have seesawed in a tight range as signs of steady demand from an increase in travel during the Northern Hemisphere summer have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures rose 36 cents, or 0.5%, to $69.07 a barrel …

London, July 9, 2025 – Oil prices edged lower on Wednesday after rising to two-week highs in the previous session, weighed down by investors waiting for clarity on new U.S. tariffs and expectations of rising crude inventories in the United States. Brent crude futures slipped 15 cents, or 0.2%, to $70 a barrel by 0601 GMT. U.S. West Texas Intermediate crude fell 16 cents, or 0.2%, to $68.17 a barrel. U.S. President Donald Trump’s latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals …

Singapore, July 8, 2025 – Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August. Brent crude futures dipped 22 cents, or 0.3%, at $69.36 a barrel by 0630 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, at $67.66 a barrel. U.S. President Donald Trump on Monday began telling trade partners which included major suppliers South Korea and Japan as well as smaller U.S. exporters like Serbia, Thailand and …

London, July 8, 2025 – OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates’ move to a larger quota, five sources said. The group, which pumps about half of the world’s oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep …

Lagos, July 1, 2025 – Dangote Refinery and Petrochemical Company has reduced the price of its petrol from N880 per litre to N840 per lire. The price adjustment was announced by Anthony Chiejina, the company’s Chief Spokesmen, on Monday night. The price adjustment is in tune with the international price of crude oil which has dropped to the average of about $62 per barrel since the announcement of the ceasefire in the war between Israel and Iran. Petroleum product marketers have commended the price reduction by Dangote Refinery. Abubakar Maigandi, …