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    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Businesses must accept eNaira as a form of payment – CBN

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    NNPP wins Kano Gov. Election, curfew declared by government

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    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    More than 70 feared dead as boat capsizes in Anambra

    Anambra state House of Assembly election results

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    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

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    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

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    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

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    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

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    The DMO auctions 4 FGN Bonds worth N360bn in March

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

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

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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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