By Dipo Olowookere
The price of the Brent crude oil recorded a 0.60 percent rise on Thursday afternoon to trade at $77.60 per barrel at the market.
Business Post reports that the increase in the price of the commodity comes on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in US crude inventories.
A check on the US light crude oil showed a 0.56 percent growth, trading at $69.90 per barrel as at Thursday afternoon.
Iranian crude exports are likely to drop to a little more than 2 million barrels per day (bpd) in August, against a peak of 3.1 million bpd in April, as importers bow to American pressure to cut orders.
Reuters quoted an analyst at Swiss bank UBS in Zurich, Giovanni Staunovo, as saying that, “The oil market is once again tightening.”
“Iranian oil export declines are already visible well in advance of U.S. oil-related sanctions, which enter into force in November,” Staunovo adds.
The Organization of the Petroleum Exporting Countries, in which Iran is the third-biggest producer, will discuss in December whether it can compensate for a sudden drop in Iranian supply after sanctions start in November, the head of Iraq’s state oil marketer SOMO, Alaa al-Yasiri, said on Wednesday.
more recommended stories
Forte Oil to Pay Interim Dividend of N1.15k June 10
By Dipo Olowookere The board of.
NSE Releases Effective Dates of Five New Rules
By Dipo Olowookere The Nigerian Stock.
Wari Takes Financial Services Closer to Customers on WhatsApp
In order to make its customers.
Second 30-Year Bond Sale Records 336% Subscription
By Dipo Olowookere At the May.
FBNQuest Complies With GIPS to Boost Investor Confidence
A subsidiary of FBNQuest Merchant Bank.
Stock Market Gains N408bn as MTN Nigeria Listing Frenzy Persists
By Dipo Olowookere Transactions on the.
Facebook NG_Hub Trains 50,800 SMBs in Digital Skills
By Modupe Gbadeyanka Not less than.
Asian Equities Finish Mute Despite Reprieve for Huawei
By Investors Hub Asian stocks ended.