Oil prices rebound, hit four-month high


Oil prices rebound late on Tuesday, after a drop at early trading with Brent hitting four-month highs on a rally inspired by OPEC plans to tighten output.

Earlier, oil prices had dropped due to a surging dollar, which weighed on greenback-denominated commodities.

Weaker equity prices on Wall Street also limited oil’s run higher.

Brent crude was up 13 cents at 51.02 dollars a barrel at early trading but rose to 51.37 dollars
as the session peak its highest since June 10.

U.S. West Texas Intermediate (WTI) crude rose to 48.78 dollars a barrel but the session high
for WTI was 49.13 dollars, its highest since July 5.

Stig Rasmussen, a senior proprietary trader at Danske Commodities in Aarhus, Denmark, said “the OPEC deal looks more and more like hot air but oils still very technically driven.

“For Brent, the next target is 52.86 dollars. I imagine at that point, shale oil companies will
be hedging bigger volumes for 1-2 years ahead.”


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  • vagabonds in power

    Are we really serious about looking inwards to get Nigeria out of the economic recession? How serious are we in achieving the much-touted diversification of the economy? What policies do we have binding all arms and departments of government to ensure that goods that can be manufactured in Nigeria are no longer imported from foreign economies? Are government departments really adhering to the Central Bank of Nigeria (CBN’s) 41 prohibited items for the foreign exchange support of their importation? These questions arise in the face of the continued patronage of foreign manufactured goods even by governmental organs when such goods can be cheaply and efficiently procured from our local artisans and manufacturers. Worthy of particular mention is the reported importation by the military authorities of military gears, including footwear, berets, cardigans, belts, head warmers, and branded stockings from foreign markets worth 4.9 billion Naira or $14.1m (at the exchange rate of N305 per Dollar)…………………