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Thursday, June 26, 2025
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    Israel and Iran agree on ceasefire – Trump

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    US military strikes Iran

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    Spain golden visa scheme ends as Portugal and Greece demand increases

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    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    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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    MTN Nigeria to pay over N200 billion final dividend for 2022

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    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    How does family of 6 survive with income of N250,000 a month

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

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

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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

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

    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

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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

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

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    • Economic Data
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    • Companies
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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

    Sovereign Trust Insurance Plc appoints Abimbola Oguntunde as New Board Chairman

    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank to exit CBN forbearance restriction end of June, confident in dividend payments

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

    FCMB Group Plc addresses CBN’s forbearance loans directive, details capital management plans

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

    Renaissance Capital names banks affected by CBN’s dividend payout suspension

    Dangote Refinery further reduces Diesel and Aviation fuel prices

    Dangote Petroleum Refinery to begin distribution of PMS and Diesel nationwide

    United Capital Plc receives FMDQ approval to increase size of Commercial Paper programme

    United Capital Group expands into Francophone West Africa

    List of Dividends announced in 2024, qualification and payment dates

    Cornerstone Insurance Plc to pay 27 kobo final dividend for 2024 FY

    Legend Internet Plc reports N32.9 million profit for Q1 2025

    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    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

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

    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

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    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    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

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    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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Home Markets Commodities

Oil Prices Fall as Investors Fear Second Wave of Infection

Friday, 12 June 2020, 12:54 am
in Commodities, Markets
0
OPEC unanimously agree to extend 9.7 mb/d oil production cut
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The prices of oil have continued to fall as demand slowed due to the fear of second wave of Coronavirus. U.S commercial oil inventories data on Wednesday came out at 5.7 million barrels.

A high inventory intensifies the fear that demand for oil oil is yet to recover, despite the reopening of the economy in several countries around the world.

As cases of covid-19 continue to increase globally including in the U.S, investors are standing on the fence as fear of another lockdown as a result of second wave of infections sets in.

U.S oil futures Western Texas Intermediate (WTI) is trading at $35.83 per barrel. Brent crude is trading at $38.20 per barrel,

Western Canadian Select (WCS) is trading at $27.22 per barrel. It traded as allow as $26.80 at one point on Thursday.

Nigeria banner oil Bonny light closed at $39.77 per barrel.

Naeem Aslam, chief market analyst at Avatrade said: “Oil is down because of two major reasons. First is a fear of a second wave of coronavirus which raises the odds of another lockdown and slower reopening of the economy.”

He said the fact that US crude oil inventories have risen brings into question how quickly demand for oil can recover, particularly if the US and other countries face the spectre of longer lockdowns.

Read also; Equity Investors Lost N16.9 billion as ASI Declined by 0.13%

Mele Kyari, Group managing director of Nigerian National Petroleum Corporation and OPEC National Representative during a halftime talk on Wednesday with Gulf intelligence said

 “The temporary shift in prices that we have seen recently in the last couple of days, in the last 10 days to be specific is indicative of some response to the cut and some response to the increased demand that we have seen in the market.”

“My thoughts are that is actually more driven by sentiment than by demand because we haven’t seen that significant rise in demand. And of course, even the cuts as you are aware, there are many failures in achieving 100% conformity in the cuts.”

“Which means that the volume that are supposed to get out of that market are still there and therefore the price rise that we saw, that significant jump appears very very cosmetic to me.” And I see that if we don’t contain the supply, we could still slide back to the early March price.”

Read more; The Jump in Oil Price is Very Cosmetic to Me – NNPC Boss Mele Kyari 

In April, U.S oil (WTI) and Canadian oil (WCS) witnessed its greatest fall in history when it traded at negative prices up to minus $40 per barrel due to limited storage capacity as majority of the countries around the were under some sort of lockdown.

Oil prices had rallied back in May, as lockdown restriction are being eased, in addition to the  OPEC+ unanimously agreeing to extend 9.7 mb/d oil production cut till end of July.

Written by;

Ifunanya Ikueze

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