LAGOS APRIL 8TH (NEWSRANGERS)-Oil prices plunged below $100 in early Asian trading on Wednesday after President Trump announced a conditional two-week ceasefire agreement with Iran. At the time of writing, WTI had dropped by 13.96% to trade at $97.18, while Brent Crude had fallen to $95.05, down 13.01% on the day. The dramatic selloff came…
LAGOS APRIL 18TH (NEWSRANGERS)-The drop in crude oil prices and the resumption of the naira-for-crude arrangement for local refiners may push the pump price of Premium Motor Spirit (petrol) further down to about N800 per litre in the coming weeks or months, oil marketers and industry analysts said on Wednesday. This comes as the Dangote…
LAGOS AUGUST 14TH (NEWSRANGERS)-Oil prices eased on Monday as concerns about China’s faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Reuters report that Brent crude futures fell 73 cents, or 0.84%, to $86.08 a barrel by 0330 GMT while U.S. West Texas…
LAGOS AUGUST 7TH (NEWSRANGERS)-Oil prices surged on Monday to the highest level in months after Saudi Arabia extended production cuts for another month, threatening to keep inflation in the U.S. abnormally high. West Texas Intermediate crude, the U.S. benchmark, hovered around $82 a barrel during afternoon trading, the highest level since mid-April, when prices rose…
LAGOS MARCH 14TH (NEWSRANGERS)-Oil prices extended last week’s decline to fall by about $4 a barrel during early trade on Monday after a U.S. official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine. Brent crude futures was last down by $4.12 or 3.6% at $108.55 a barrel at…
LAGOS MARCH 10TH (NEWSRANGERS)-Oil prices have plunged after the United Arab Emirates said it supported increasing production. Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec. The fall follows weeks of skyrocketing oil prices due to supply disruptions…
LAGOS FEBRUARY 24TH (NEWSRANGERS)-Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another…
LAGOS SEPTEMBER 2ND (NEWSRANGERS)-Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar, which tumbled to multi-year lows. Brent crude futures climbed 49 cents or 1.1% to $45.77 a barrel at 0406 GMT while the U.S. West Texas Intermediate (WTI) crude futures rose 37…
