Economy
Brent Climbs to $67 as US Oil Stockpiles Grow
By Adedapo Adesanya
The Brent crude rose by 0.39 per cent or 26 cents on Wednesday to $67.53 per barrel as the Energy Information Administration (EIA) reported a smaller than expected inventory build of 100,000 barrels.
It was also the same pattern with the West Texas Intermediate (WTI) crude futures, which edged higher yesterday by 0.27 per cent or 17 cents to sell at $64.03 per barrel.
The rise in the US stockpiles was a five-year seasonal average of 493.1 million barrels. Analysts had expected the EIA to report a lightly larger inventory increase of about 375,000 barrels.
A week earlier, the EIA reported a modest inventory build in crude oil, at 600,000 barrels.
It was observed that the market maintained its bullish position on Wednesday as the Organisation of the Petroleum Exporting Countries (OPEC) injected some optimism by confirming that there would be an ease in the production cuts next month amidst surging COVID-19 cases in a major oil-consuming nation, India, which weighed on prices earlier in the week.
According to reports, during the meeting of the Joint Ministerial Monitoring Committee of OPEC and its allies, OPEC+, the secretary-general of the body, Mr Mohamed Barkindo, was optimistic that “the oil market continues to reap the benefits of the DoC’s support for sustainable oil market stability and providing a platform the global economic recovery.”
He added that “the positive trajectory of the global economy, coupled with stimulus measures, progress on vaccinations and the summer travel season, as driving forces for the improving oil demand outlook in the second half the year.”
The alliance decided to stick to plans for a gradual easing of oil production restrictions from May to July, an indication that the group is confident that global demand will recover.
The group forecast global oil demand in 2021 would grow by 6 million barrels per day after demand plunged by 9.5 million barrel last year.
Increased vaccination efforts in the next six months as lockdowns are set to soon be lifted in Europe and other recovering economies also sustained the market. A positive outcome will see cars return to the road and demand for jet fuels will increase.
Despite the general optimism, in reality, the market continues to weigh the situation in India as the COVID-19 death toll surged past 200,000 and infections have climbed by more than 300,000 cases a day for a week.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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