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    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Breaking: President Tinubu dissolves Boards of Parastatals, Agencies, Institutions

    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

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    Breaking: President Joe Biden diagnosed with “aggressive” cancer

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    Mexican Navy Ship crashes into New York Bridge

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    Pope Leo XIV holds inaugural mass, sets tone for his papacy

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    UK tightens visa rules for care workers, skilled workers and students

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    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

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    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

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    List of Dividends announced in 2025, qualification and payment dates

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    Dangote Group announces major investment in rice production

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    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

    Dangote Refinery reduces petrol price by N15 nationwide

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Bitcoin crosses US$60K, approaches All-Time High

    Bitcoin (BTC) rises above US$80,000

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

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    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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Home Markets Commodities

Brent Crude rises to 5 months high in the wake of Lebanon Explosion

Wednesday, 5 August 2020, 11:55 am
in Commodities, Markets
0
OPEC unanimously agree to extend 9.7 mb/d oil production cut
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Brent Crude has risen above $45 per barrel on Wednesday, a five month high, in the wake of the deadly explosion at Lebanon’s main port in the capital Beirut on Tuesday. This is the first time oil price is rising above $45 per barrel since the crash on 9 March 2020.

The prices of oil has been somewhat zig zag, hovering around $40 since mid June, as investors weigh between the optimism of improved demand due to economic recovery and the mounting coronavirus cases worldwide and in the United States.

Brent futures gained for a fourth day on Wednesday and is trading at $45.39 per barrel as at 09:56 GMT on Wednesday, representing an increase of 2.16% ($0.96). While U.S oil Futures Western Texas Intermediate (WTI) is 2.30% ($0.96) up to $42.66 per barrel.

Nigeria banner oil Bonny Light closed at $43.76 per barrel whereas OPEC basket stood at $44.27 per barrel.

Read also; Covid-19 – Federal Ministry of Health spent N37.064 million on just 1,808 pieces of ordinary face masks

Lebanon is facing its worst financial and economic crisis, with sharp rise inflation deep plunge in the value of its local currency in addition to high rate of unemployment. Tuesday explosion has sparked fears of instability in the region, according to Bloomberg.

“Tensions are high and that just kind of puts a fine point on it,” said John Kilduff, a partner at Again Capital LLC. “Looks like there’s going to be a draw in crude oil again, so we got that support as well.”

U.S Crude inventories were down by 8.6 million barrels in the week to Aug. 1 to 520 million barrels to Bloomberg. compared with analysts’ expectations for a drop of 3 million barrels. Official figures from the U.S. Department of Energy are due out later on Wednesday.

Written by;

Ifunanya Ikueze

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