Oil and Gas

Abuja, Aug. 30, 2023 – Troops of the Nigerian Army has clamped down on illegal oil refining camp in Obokofia, a community in Ohaji/Egbema Local Government Area of Imo State, South-east Nigeria. Brig-Gen. Onyema Nwachukwu, the Nigerian Army Spokesman, said this in a statement on Wednesday. He said the operation was carried out by troops of 33 Artillery Regiment on Monday as part of their anti-oil theft operations in the country. “In the crackdown, the vigilante troops intercepted 15 sacks and 13 jerry cans of illegally refined Automotive Gas Oil (AGO) …

New York, Aug 30, 2023 – Oil prices extended gains on Wednesday after U.S. government data showed tighter-than-expected crude supplies in the world’s biggest fuel consumer, while a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October rose 21 cents to $85.70 a barrel by 1108 a.m. EDT (1508 GMT). The October contract expires on Thursday and the more active November contract was at $85.13, up 22 cents. U.S. West Texas Intermediate crude futures rose 30 cents to $81.46. Both benchmarks rallied by more …

London, Aug 29, 2023- Oil prices crept up on Tuesday as supply concerns from a hurricane hurtling towards the U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand. Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel. Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. The storm is likely to cause power outages and …

London, Aug. 28, 2023 – Oil was little changed on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical storm Idalia and any risk it poses to oil and gas output in the U.S. Gulf. Brent crude slipped 15 cents, or 0.2%, to $84.33 a barrel by …

London, Aug 25, 2023 – Oil prices jumped more than 1% on Friday as the dollar firmed ahead of an eagerly awaited speech by the head of the U.S. Federal Reserve for hints on the outlook for interest rates. Brent crude rose 97 cents, or about 1.2%, to $84.33 a barrel by 0852 GMT. U.S. West Texas Intermediate crude was up 93 cents, also roughly 1.2%, at $79.98. Both benchmarks rose by more than $1 earlier in the session. Investor caution ahead of Fed Chair Jerome Powell’s remarks at the …

London, Aug. 23, 2023 – Oil prices dropped on Wednesday as traders were cautious ahead of potentially gloomy manufacturing data and an annual meeting at Jackson Hole where heavy-hitter central bankers including from the United States will talk interest rates. Brent crude was down 51 cents to $83.52 a barrel at 0738 GMT, while U.S. West Texas Intermediate crude was at $79.15 a barrel, down 49 cents. Markets await hints on the outlook for interest rates when Federal Reserve officials and policy makers from the European Central Bank, the Bank …

London, Aug. 21, 2023- Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. Brent crude was up 52 cents to $85.32 a barrel at 1348 GMT and U.S. West Texas Intermediate crude was up 65 cents at $81.90. The September WTI contract expires on Tuesday and the more active October contract gained 49 cents to $81.15 a barrel. Both front-month benchmark prices snapped a seven-week winning streak last week with …