ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, January 17, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Crude oil extraction [Photo credit: Bloomberg]

Crude oil extraction [Photo credit: Bloomberg]

Nigeria militants attacks push oil price above $50 for first time in 7 months

byPremium Times
May 26, 2016
1 min read
ADVERTISEMENT

Brent oil futures climbed above 50 dollars a barrel on Thursday for the first time in nearly seven months.

This is an indication that the global supply glut that plagued the market for nearly two years is showing signs of easing.

Oil prices had rallied in recent weeks after a string of outages due mainly to wildfires in Canada and unrest in Nigeria and Libya.

The outages had knocked out nearly four million barrels per day of production.

Above 50 dollars a barrel, oil was seen by many market players as breaching a psychological barrier that could lead producers, particularly among U.S. shale companies to revive operations scrapped in recent years.

Global benchmark Brent crude oil LCOc1 was up 36 cents at 50.10 dollars a barrel, the highest in nearly seven months.

The upsurge was due to a larger-than-expected draw in U.S. crude oil inventories last week indicated buyers are starting to mop up spare supply.

U.S. crude futures CLc1 were up 29 cents at 49.85 dollars a barrel, after touching 49.97 dollars, the highest since mid-October.

“Certainly (50 dollars) is a psychological barrier, there is a momentum, people will try and push it up over that,’’ said Ric Spooner, Chief market analyst at Sydney’s CMC Markets.

RelatedNews

Nigeria migrates all mineral titles to digital canvas expecting revenue windfalls

COVID-19: Lagos intensifies public sensitisation on second wave

2020: 20 great PREMIUM TIMES stories you need to read again

PSC dismisses four senior Nigerian police officers for misconduct

A source at oil producer Chevron said on Thursday its activities in Nigeria had been grounded by a militant attack, worsening a situation that had already restricted the supply of hundreds of thousands of barrels.

A meeting of the Organisation of the Petroleum Exporting Countries on June 2 in Vienna to discuss the oil market added further support.

However, the recent rise in oil prices and friction between key members; Saudi Arabia and Iran needs intervention to ensure prices are slim.

Dangote adbanner 728x90_2 (1)

(Reuters/NAN)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (4)
premiumtimes



PT Mag Campaign AD

Previous Post

I remain PDP caretaker committee chairman – Makarfi

Next Post

Don’t let our son die, Olisa Metuh’s family begs govt.

Premium Times

Premium Times

More News

Isolation centre at Landmark, Oniru, Lagos State [PHOTO CREDIT: @jidesanwoolu]

As COVID-19 spreads further, Nigeria’s weekly deaths increase

January 17, 2021
MFM Players rounding off their warm-up session ahead of the kickoff

NPFL (LIVE UPDATES): MFM, Rangers battle in Lagos

January 17, 2021
National Assembly Complex

Major controversies that rocked National Assembly in 2020

January 17, 2021
Jubril Martins-Kuye,

Jubril Martins-Kuye, former minister of commerce, is dead

January 17, 2021
President Muhammadu Buhari and his vice, Yemi Osinbajo looking happy. [PHOTO CREDIT: Official Instagram page of Yemi Osinbajo]

In 2021, Buhari, Osinbajo will spend N3.4 billion on feeding, travels

January 17, 2021
COVID-19 vaccine. [CREDIT: Duetsche Welle]

How COVID-19 vaccines will be administered to Nigerians — Official

January 17, 2021
Next Post
Former spokesperson of the Peoples Democratic, Olisah Metuh.

Don't let our son die, Olisa Metuh's family begs govt.

Jonathan, Amaechi meet, embrace in Port Harcourt

Real Reason Amaechi turned against Jonathan - Ibim Semenitari

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.