Oil Market Dips on Profit Taking, High Rates Worries

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Modupe Gbadeyanka External reserves of one of Africa’s biggest economies, Nigeria, have hit a 31-month high of $33 billion. This information was revealed by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, while speaking  on Thursday at the ongoing 24th seminar for Finance Correspondents and Business Editors in Awka, Anambra State. The apex bank chief, represented by the bank’s spokesman, Mr Isaac Okorafor, noted that this feat was achieved due to the relative peace in the oil-rich Niger Delta region of the country, which resulted into increased oil output and earnings. The Vice President, Mr Yemi

By Dipo Olowookere Latest data from the Central Bank of Nigeria (CBN) has shown that the country’s foreign reserves have depreciated to $46.86 billion. This was the amount left in the nation’s external purse as at Monday, August 6, 2018. Business Post gathered that the reserves depreciated to this level from $47 million as at Friday, August 3, 2018. There had been a free-fall in the external reserves in recent times with price of crude oil, Nigeria’s major source of forex earnings, relatively stable around $74 per barrel at the global market. Business Post reports further that as at August

By Investors Hub European stocks have moved mostly lower over the course of the session amid Brexit uncertainty and Italy’s budget showdown with the European Commission. While the German DAX Index is down by 0.2 percent, the French CAC 40 Index is down by 0.3 percent and the U.K.?s FTSE 100 Index is down by 0.4 percent. Chocolate producer Barry Callebaut has slumped after the Jacobs family sold a 2.7 percent stake in the company. Danish cable producer NKT has also plunged after issuing a profit warning. AstraZeneca has also dropped after its key lung cancer treatment failed to meet

By Adedapo Adesanya Inflation rate in Nigeria hit a 26-month high of 12.56 per cent (year-on-year) in June 2020, the National Bureau of Statistics (NBS) disclosed on Friday. The latest figure, contained in the Consumer Price Index (CPI) report for June 2020, was 0.16 per cent higher than the 12.4 per cent recorded in the month of May 2020. The report noted an increase in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index. The COICOP measures all index taken into consideration. On a month-on-month basis, the headline index increased by 1.2 per cent

By Okechukwu Keshi Ukegbu No time should provoke communal spirit at its peak than when the world is faced with stringent emergencies. And no time provides the opportunity better than this time when the world is faced with great need- the world social and economic activities are currently grounded by the outbreak of the pandemic, Coronavirus. Unfortunately, the contrary is the case. People hoard goods and services to create artificial scarcity. The consequence of this is that the prices of these goods and services climb to the mountain top, thereby shooting it out of the reach of the common man.

By Modupe Gbadeyanka On Monday, November 21, 2016, Governors from the six states of South-West geo-political zone of Nigeria converged in Ibadan, Oyo State, for an Economic Forum with the theme ‘Towards A Strategic Integration Framework.’ The meeting was conveyed at the instance of the Oyo State Governor, Mr Abiola Ajimobi. Part of the issues that necessitated the meeting is the present economic situation in the country. The Governors are looking at ways of collaborating with one another to grow the region irrespective of their political ideology. Present at the meeting are Governors Akinwunmi Ambode of Lagos State, Mr Ayodele Fayose

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has announced the list of successful bidders for the 2017/2018 crude oil term contract. In a statement issued on Tuesday by the agency’s Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, it was disclosed that 39 bidders made the list. Mr Ughamadu also noted that out of the successful bidders, 18 are Nigerian companies, while 11 are international traders. He further said five foreign refineries made the list, three National Oil Companies (NOCs) and two NNPC trading arms. A total of 224 bids were submitted by companies seeking to

By Adedapo Adesanya Akwa United was on Sunday crowned champions of the 2020/2021 Nigeria Professional Football League (NPFL) after defeating Mountain of Fire Ministries (MFM) FC with one game left to play at the top-flight competition. The Promise Keepers defeated the Olukoya Boys 5-2 on home soil at the Godswill Akpabio Stadium, Uyo, Akwa-Ibom to secure their first-ever league title. The star of the match was Charles Atshimene who scored a hat-trick of goals to leave MFM FC winless in their last eight away matches. Atshimene opened the scoring in the 24th minute followed by Alimi Adebayo’s own goal on