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    Secession: Presidency slams Northern Elders Forum, NEF says allegations untrue

    Secession: Presidency slams Northern Elders Forum, NEF says allegations untrue

    Access Holdings Plc dissociates itself from Access Capital Daily Investment and others

    Access Holdings Plc dissociates itself from Access Capital Daily Investment and others

    We will join NATO but host no NATO bases says Sweden, We will only respond to NATO infrastructure threat says Russia

    We will join NATO but host no NATO bases says Sweden, We will only respond to NATO infrastructure threat says Russia

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    Nigeria’s Inflation rate hits16.47%, the highest since May 2017

    Inflation rate rises in April 2022 compared to March 2022 – NBS report

    “Unfriendly” countries will have to pay for Russian gas in rubles – Putin

    10 EU countries quietly buying Russian gas with rubles

    The United Kingdom to approve first new coal mine in 30 years

    The United Kingdom to approve first new coal mine in 30 years

    US Treasury Secretary warns about a complete European ban on Russian gas

    US Treasury Secretary warns about a complete European ban on Russian gas

    Israel to add Chinese yuan, Canadian and Australian dollars to its reserves

    Israel to add Chinese yuan, Canadian and Australian dollars to its reserves

    Ukraine has officially banned all Trades with Russia

    Ukraine has officially banned all Trades with Russia

    Total VAT generated rises by 53% Year-on-Year

    VAT collection rises 12.65% quarter-on-quarter in Q4 2021

    Five African central banks set to hike rates to rein in inflation

    Five African central banks set to hike rates to rein in inflation

    Nigeria’s Inflation rate in April at 18.12%, lower than 18.17% recorded in March

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Home Markets Commodities

Oil prices closes its 4th weekly gain, longest streak since October

Sunday, 16 January 2022, 7:18 am
in Commodities, Markets
0
Oil prices closes its 4th weekly gain, longest streak since October
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Crude oil prices closed on a high note on Friday, making it the 4th week of consecutive gains. This is its longest weekly gains streak since October 2021, before the Omicron variant scare emerged.

Oil futures price data from oilprice.com shows that West Texas Intermediate gained 2.07% to close at $83.82 on Friday, while the Brent Crude gained 1.88% to close at $86.06. Nigeria’s Bonny Light gained 1.15% to close at $86.55.

Source: Oilprice.com 

The fourth week of gains in oil prices has been supported by easing fears about the Omicron variant’s impact on demand.

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After the initial Omicron scare and sell-offs at the end of November and early December, the market has taken comfort in estimates that the latest fast-spreading variant will not affect global oil demand as much as feared a month and a half ago.

Even the International Energy Agency (IEA) sees milder-than-expected demand disruption. Global oil demand has proven to be more resilient to the effects of the Omicron variant’s spread than the IEA expected, Executive Director Fatih Birol said earlier this week.

On the supply side, the market seems to be increasingly convinced that the OPEC+ group will continue to undershoot—by a lot—its oil production target in the coming months. This gives bulls hope that the expected oversupply as early as this quarter will not be as large as initially forecast.

As OPEC+ eases the cuts, shrinking global spare capacity, mostly concentrated in the large Middle Eastern producers, could also be a very bullish factor for the oil market going forward.

Oil prices were also underpinned by a weaker dollar, which despite a gain on Friday, is on course for a weekly slump.

A weaker dollar makes oil, priced in U.S dollars, less expensive in other currencies, boosting demand.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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