Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar. Brent rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. crude gained $1.62, or 2.4 percent, to $68.35. Oil has been pressured by reports that the Organization […]
Concerned operators in the shipping sector have bemoaned the non-inclusion of Nigerian vessels in crude oil lifting after about 60 years of oil production. President, Ship owners Association of Nigeria, and Chief Executive Officer, Starz Investments Limited, Greg Ogbeifun, at a summit held by the Association Of Marine Engineers & Surveyors (AMES) in Lagos recounted […]
The Innoson Vehicle Manufacturing Company (IVM) on Wednesday said that its efforts to upgrade from 10,000 cars production capacity annually to 60,000 were being hampered by litigations against the company. The company’s Head, Corporate Communications, Mr Cornel Osigwe, who made the disclosure at a news conference in Lagos, said the factory’s upgrading from manual to […]
Angolan cargoes were gradually clearing on Wednesday, helping nudge crude differentials higher, while unfavourable arbitrages and an influx of U.S. grades into refineries in northwest Europe and the Mediterranean continued to undermine the Nigerian market. * State firm Sonangol was said to be offering Dalia at a discount of $1.30 to dated Brent. Only a […]
“We believe the current bearish sentiment will continue till midweek, however, we expect investor’s bargain hunting activities on some oversold bellwether securities to buoy market performance from Wednesday. This is how analysts at Afrinvest Research summarized the 8th consecutive week bearish trend at the market. Stocks Monday extended losses from last week’s trading sessions as […]
Nigeria’s result against the Democratic Republic of Congo in Monday’s friendly in Port Harcourt wasn’t as important as the performances of the Super Eagles as the World Cup looms large. Gernot Rohr used the opportunity to assess his players as he prepares to cut some names from his preliminary squad, and several Nigerians on display […]
Oil prices fell on Tuesday, with U.S. crude tumbling nearly 3 percent, on worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish positions in crude. Brent crude (LCOc1) futures fell 68 cents to $74.62 a barrel, a 0.9 percent loss, by 12:11 […]
More than 2,200 migrants have been rescued since last Friday in the Mediterranean Sea between Northern Africa and Italy, the UN migration agency said on Tuesday. “30,300 migrants and refugees entered Europe by sea through the first 147 days of 2018, with about 40 percent arriving in Italy, 35 percent in Greece, with the remainder […]
The Nigerian government has yet again reinstated its commitment to revamping the nation’s ailing economy by investing in the Nigerian people. President Muhammadu Buhari made this known Tuesday in his Democracy Day speech. Buhari said in 2016, the present administration executed an expansionary budget and developed the Strategic Implementation Plan, to engender growth. He said, […]
Loading delays at Nigeria’s Forcados terminal have pushed above two weeks, according to market sources, with no official new loading program for June or July released by the terminal’s operators. Flows to the Forcados terminal reportedly resumed last week after repairs were made to correct a minor leak on the Trans-Forcados pipeline. But sources said […]