Economy

Crude Drops as Rising US Inventories Add to COVID-19 Pressures

Published

4 years ago

22/04/2021

By Adedapo Adesanya

Oil prices extended their fall into another day on Wednesday as surging COVID-19 cases affecting demand were further dampened by a slight increase in crude inventories in the United States.

Consequently, the Brent crude futures dropped 27 cents or 0.41 per cent to $65.05 per barrel, while the West Texas Intermediate (WTI) crude futures lost 27 cents or 0.44 per cent to trade at $61.08 per barrel.

According to the Energy Information Administration (EIA), there was an inventory build of 600,000 barrels for the week to April 16 in the US compared with the decline of 5.9 million barrels for the previous week. Analysts had expected a draw of 2.86 million barrels.

A day earlier, the American Petroleum Institute (API) reported a modest inventory build of less than half a million barrels.

The oil environment had in recent day’s been swayed southwards by the fast increase in new COVID-19 infections in India, the third biggest driver of global oil demand after the US and China.

On Tuesday, the country reported its worst daily death toll from COVID-19 and is facing an oxygen supply crisis to treat patients. Large parts of the country are now under lockdown due to a huge second wave of the coronavirus pandemic.

In addition to worries about India, the European Medicines Agency said its safety committee concluded that a warning about unusual blood clots with low blood platelets should be added to the product information for Johnson & Johnson’s coronavirus vaccine, but said the benefits outweighed the risk.

Analysts, however, noted that despite the pandemic hotspots in places like India and growing concerns in Japan, the world’s fourth-biggest oil user, signs are still positive for a fuel demand recovery in the US, Europe and the United Kingdom.

There is also more worry for the black gold as the US House Judiciary Committee cleared a bill that would leave the Organization of the Petroleum Exporting Countries (OPEC) open to antitrust lawsuits over production cuts.

The committee’s move on the No Oil Producing and Exporting Cartels Act of 2021, known as NOPEC, called attention to long-running efforts by the US to make it illegal for OPEC to manipulate oil prices.

The NOPEC bill would make it illegal for any foreign state to act collectively to limit oil production or set prices. The bill still has a long way to go before it potentially becomes a law.

Economy

Naira Appreciates to N1,550/$1 at Parallel Market

Published

3 hours ago

01/04/2025

Dipo Olowookere

By Dipo Olowookere

The Nigerian Naira had a good outcome at the parallel market segment of the foreign exchange (FX) market on Monday, buoyed by a decline in the demand for FX.

There was a public holiday yesterday in Nigeria, which continues today to mark the end of Ramadan, a 30-day fast observed by Muslims across the globe.

The holiday ease the pressure on the local currency on Monday as most of the forex hawkers were at home for the Eid al-Fitr.

Business Post reports that the Naira gained N5 against the United States Dollar during the trading session to close at N1,550/$1 compared with the preceding session’s value of N1,555/$1.

This newspaper gathered that a few FX traders out for business yesterday did not have much to do because of the holiday declared by the federal government.

“It was a quiet day for us today (Monday. We did not see many customers to buy Dollars from us. It is the usual occurrence when there is a public holiday. We hope things will return to normal from Wednesday,” a forex trader, Mr Abubakar Ahmed, who spoke with Business Post, said.

The official market, known as the Nigerian Autonomous Foreign Exchange Market (NAFEM), did not open for business because of the Eid al-Fitr celebration.

It last opened its doors for business last Friday, when it gained 65 Kobo or 0.04 per cent against the greenback to quote at N1,538.26/$1, in contrast to Thursday’s exchange rate of N1,538.91/$1.

The appreciation happened as the Central Bank of Nigeria (CBN) boosted forex liquidity to stabilize the market with about $1 billion last month.

Economy

Supply Worries Boost Oil Prices

Published

4 hours ago

01/04/2025

Adedapo Adesanya

By Adedapo Adesanya

Oil prices climbed on Monday on worries that crude supply could decline if the US President, Mr Donald Trump, follows through on threats to impose more tariffs on Russia and possible attack on Iran.

Brent futures were up by $1.11 or 1.5 per cent to $74.74 per barrel and the US West Texas Intermediate (WTI) crude rose by $2.12 or 3.1 per cent to settle at $71.48 per barrel.

Mr Trump on Sunday said he was “pissed off” with the Russian President, Mr Vladimir Putin, for stalling on a Ukraine peace deal, and threatened new tariffs on Russia.

His comments marked a notable change in tone for the American President who had always been softer on Russia.

However, the latest remarks suggest he may be losing patience with the Russian leader.

President Trump said if Russia were to block a peace deal, he would impose “secondary” tariffs of 25 per cent on any country buying Russian oil, which would include China and India.

President Putin had imposed a series of conditions on potential peace deals which go far beyond existing US-led proposals, some of which effectively push out the Ukrainian President, Mr Volodymyr Zelenskyy.

Russia said on Monday that the US were working on ideas for a possible peace settlement in Ukraine.

In a related development, President Trump also threatened Iran on Sunday with bombing and secondary tariffs if Tehran did not come to an agreement with Washington over its nuclear programme.

Iran’s Supreme Leader, Mr Ayatollah Ali Khamenei, said on Monday the US would receive a strong blow if it acts on Mr Trump’s threat.

Meanwhile, Iran’s Revolutionary Guards seized two foreign tankers in the Persian Gulf carrying over 3 million litres of allegedly smuggled diesel fuel.

Some analysts believe that President Trump may not act on his threats, a view that is putting a cap on oil prices.

Also, talks to restart Kurdish oil exports through the Iraq-Turkey pipeline have hit a snag as a lack of clarity over payments and contracts persists.

In another development that could impact oil supplies, the US revoked the license of Spanish oil company Repsol to export oil from Venezuela.

Repsol reportedly said it is talking with US authorities on ways the company can keep operating in Venezuela.

In the US, crude oil production fell by 305,000 barrels per day to 13.15 million barrels per day in January, the lowest since February 2024.

Economy

Why It’s the Best Bitcoin Wallet and Best Crypto Wallet for 2025

Published

17 hours ago

31/03/2025

Dipo Olowookere

In a fast-evolving world of cryptocurrencies, where innovation and security are paramount, choosing the right wallet can make all the difference. With hundreds of options available, finding a platform that balances functionality, safety, and user experience is no easy feat. Among the contenders, Guarda Wallet has consistently risen to the top, earning a reputation as the best bitcoin wallet and arguably the best crypto wallet on the market today.

Whether you’re a seasoned trader, a long-term investor, or someone just stepping into the realm of digital currencies, Guarda Wallet offers a compelling solution for managing your digital wealth.

What is Guarda Wallet?

Guarda Wallet is a non-custodial, multi-platform cryptocurrency wallet that supports a wide range of digital assets. Founded in 2017, Guarda has built a strong reputation based on its core values of user autonomy, security, and convenience. Being non-custodial means that users retain full control over their private keys, reinforcing the true essence of decentralization.

Available as a web, desktop, mobile, and even Chrome extension app, Guarda offers users seamless access to their crypto holdings anytime and anywhere. It supports over 400,000 tokens and 50+ major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Cardano, Solana, and more.

Why Guarda is the Best Bitcoin Wallet

Bitcoin remains the cornerstone of the crypto world, often referred to as digital gold. As such, any wallet vying for the title of the best bitcoin wallet must deliver exceptional security, fast transactions, ease of use, and robust support for Bitcoin-specific functionalities. Here's why Guarda ticks all the right boxes:

1. Security First, Always

Guarda Wallet takes user security extremely seriously. Since it's non-custodial, no private keys are stored on the company's servers. All keys are generated and stored locally on the user’s device, minimizing the risk of centralized hacks. Additionally, the wallet supports backup encryption, biometric authentication, and password protection, ensuring multiple layers of safety for Bitcoin holders.

2. User-Friendly Interface

Whether you are a beginner or an expert, Guarda’s interface is clean, intuitive, and easy to navigate. It makes sending, receiving, and storing Bitcoin a smooth and hassle-free process. The wallet also offers in-app tutorials and prompts that guide new users step by step.

3. Integrated Exchange and Purchase Options

Guarda goes beyond simple storage. It allows users to buy Bitcoin with a credit card or bank transfer directly in the wallet. You can also swap BTC for other cryptocurrencies without needing to leave the app. These features make Guarda a one-stop-shop for anyone looking to maximize their crypto experience.

4. Multisignature Capabilities and Advanced Features

Guarda Wallet includes multisig functionality, which is especially useful for institutional users or those managing large Bitcoin holdings. Multisig wallets require multiple private keys to authorize a transaction, adding an additional layer of security.

5. Constant Updates and Responsive Support

The development team behind Guarda is highly active and continually updates the platform to support the latest blockchain innovations. They also offer 24/7 customer support, an often-overlooked aspect that elevates Guarda to being the best bitcoin wallet for users who want reliability and peace of mind.

Why Guarda is Also the Best Crypto Wallet Overall

While Bitcoin may be the most well-known cryptocurrency, the world of crypto extends far beyond it. From DeFi tokens to NFTs and smart contracts, the need for a versatile wallet has never been greater. This is where Guarda Wallet shines as the best crypto wallet for managing a wide array of assets.

1. Multi-Asset Support

Guarda Wallet supports more than 50 blockchains and over 400,000 tokens. Whether it’s Ethereum, Litecoin, XRP, Dogecoin, or lesser-known ERC-20 and BEP-20 tokens, you can manage them all in one place. This makes Guarda an ideal solution for diversified crypto portfolios.

2. DeFi Integration

The rise of Decentralized Finance (DeFi) has changed the way users interact with crypto. Guarda integrates seamlessly with DeFi protocols, allowing users to stake, lend, and earn yields directly from the wallet. This makes it not just a storage solution, but a gateway to financial freedom and innovation.