Oil and Gas

London, Nov. 7, 2023 – Oil prices hit fresh 2-1/2-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $1.65, or 1.94%, to $83.53 a barrel as of 0920 GMT while U.S. West Texas Intermediate crude was at $79.21 a barrel, down $1.61, or 1.99%. Both hit their lowest levels since late August. The premium on front-month loading Brent contracts over ones loading in six months’ time was also at a 2-1/2-month low, indicating …

London, Nov. 6, 2023 – Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.03, or 1.21%, to $85.92 a barrel by 0834 GMT, while U.S. West Texas Intermediate crude was at $81.58 a barrel, up $1.07, or 1.33%. Oil rebounded on Monday after Brent and WTI futures each lost around 6% in the week up to Nov. 3. Saudi Arabia confirmed on Sunday it would continue with …

London, Nov. 3, 2023 – Oil rose on Friday, as the U.S. jobs market slowed more than expected last month, bolstering expectations of a pause in interest rate hikes in the world’s biggest consumer, but they remained on track for a weekly loss as supply concerns driven by Middle East tensions eased. Brent crude futures were up 81 cents, or 0.9%, to $87.66 a barrel at 1243 GMT, while U.S. West Texas Intermediate crude futures gained $1.01, or 1.2%, to $83.47 a barrel. Both benchmarks gained more than $2 a …

London, Nov. 2, 2023 – Oil gained 1% on Thursday to snap its three-day decline as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold. Brent crude futures rose $1.28, or 1.51%, to $85.91 a barrel by 0944 GMT, while U.S. West Texas Intermediate crude futures gained $1.33, or 1.65%, to $81.77 a barrel. Oil prices drew support from the Fed’s decision to keep its benchmark interest rate unchanged at 5.25%-5.50% at its meeting on Wednesday. Policymakers struggled to determine whether financial conditions …

Singapore, Oct. 31, 2023 – Oil prices rebounded in Asian trade on Tuesday after a drop of more than 3% in the previous session as worries over supply stirred by conflict in the Middle East offset dismal China data. December Brent crude futures, set to expire on Tuesday, rose 65 cents or 0.74% to stand at $88.10 a barrel by 0637 GMT. The more heavily traded January Brent crude futures climbed 63 cents or 0.73% to $86.98. U.S. West Texas Intermediate crude increased 67 cents or 0.81%, to $82.98. Oil …

Washington, Oct. 30, 2023 -The price of crude oil benchmark, Brent, will average $84 per barrel in 2023, the World Bank has projected. The bank gave the projection in its Commodity Markets Outlook published on Monday. The World Bank said Brent prices were estimated to average $84 per barrel in 2023, tapering further in 2024 due to global growth weakening. It, however, projected that the prices would stabilise in 2025 as both demand and supply recover.    The World Bank also reported a 9% rise in its third quarter of 2023 …

Lagos, Oct. 24, 2023 – Domestic consumption of petrol in Nigeria has dropped to 44.3 million litres per day after the removal of petrol subsidy from the old level of 66.7 million litres per day. Farouk Ahmed, the Chief Executive of Nigeria Midstream and Downstream Petroleum Regulatory Authority (MMDPRA) disclosed this in Lagos. He said this was a significant drop by 33.58 per cent, adding that efforts were being made to liberalise petrol importation. Ahmed said lack of foreign exchange had constrained ability of independent marketers to import petrol. He …