Oil prices crashed yesterday occasioned by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand. Front-month Brent crude oil futures were at $72.14 per barrel down by 32 cents, or 0.4 percent, from their last close, while the U.S. West Texas Intermediate, WTI, crude futures were down 34 cents, or 0.5 per cent, at $66.70 per barrel. U.S. crude stocks rose by 3.7 million barrels in the week to August 10, to 410.8 million barrels, private industry group the American Petroleum Institute, API, said on Tuesday. Crude stocks at the Cushing, Oklahoma, and delivery hub rose by 1.6 million barrels, the API said.
“Oil prices fell after the API inventory data showed an unexpected crude build last week,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities. Sentiment was also clouded by a darkening economic outlook which could start impacting oil demand, traders said. The Organisation for Economic Co-operation and Development (OECD’s) composite leading indicator, which covers the western advanced economies plus China, India, Russia, Brazil, Indonesia and South Africa, peaked in January has since fallen and slipped below trend in May and June. World trade volume growth also peaked in January at almost 5.7 percent year-on-year, but nearly halved to less than 3 per cent by May, according to the Netherlands Bureau for Economic Policy Analysis.
Gov Matawalle And The Cheering News From Zamfara
In June 2009, the late wise, humane, urbane and peace-loving President Umaru Musa Yar’Adua granted unconditional amnesty to militants in...
Remain Where You Are, PMB Tells Herdsmen
President Muhammadu Buhari has taken a swipe at Tuesday’s call by the Northern Elders Forum (NEF) and some northern youths...
Presidential Tribunal Summons INEC Chairman, Zamfara REC
Unless he complies with the order of the Presidential Election Petitions Tribunal, asking him to appear before it, the chairman...
‘Nigeria Loses N580bn Annually To Needless Tax Incentives’
Every year, Nigeria loses N580billion through unnecessary tax incentives, Oxford Committee for Famine Relief (OXFAM), an international non-government organisation, formed...
Super Eagles Pip Tunisia To Claim 8th AFCON Bronze
Super Eagles yesterday beat Tunisia 1-0 in the third place match of the Africa Cup of Nations (AFCON) to claim...
Abia Denies Allocating Land For Ruga
Abia state goverment has denied a media report that it has allocated land at Osisioma Ngwa, near Aba to the...
TUC Wants 35% Women Representation In PMB’s Cabinet
The Trade Union Congress of Nigeria (TUC) Women Commission has urged President Muhammadu Buhari to consider the implementation of the...
NEWS17 hours ago
BREAKING: Reps Direct IGP, DSS To Shutdown Edo Assembly
NEWS11 hours ago
PMB Approves New Official Portrait
EDUCATION18 hours ago
TRCN Says 22,454 Teachers Qualify For Licences
NEWS11 hours ago
Gov Makinde Flays SERAP, APC Over Comments On Assets Declaration
SPORTS24 hours ago
AFCON 2019: Super Eagles, Carthage Eagles Battle For Bronze
ENTERTAINMENT24 hours ago
Pharrell Hints Working On Rihanna’s Upcoming Album
NEWS18 hours ago
Gov. Okowa Appoints Abang SA On New Media
NEWS11 hours ago
2 In Police Net For Kidnapping 19-year-old Boy In Lagos