Economy
Oil Market Gains on Decline in US Crude Inventories
By Adedapo Adesanya
The oil market gained about 1 per cent on Wednesday after a decline in US crude stocks but gains were capped by concerns about rising global inventories ahead of the US Independence Day holiday.
Brent crude futures rose $1.10 or 1.3 per cent to settle at $87.34 a barrel and the US West Texas Intermediate (WTI) crude futures increased by $1.07 or 1.3 per cent to $83.88 per barrel.
The US Energy Information Administration (EIA) reported a 12.2 million draw in the country’s crude oil barrels in storage last week versus the inventory build of 3.6 million barrels estimated for the previous week, when the EIA also saw fuel inventories rising, which weighed on oil prices. The EIA estimated draws in fuel inventories for the last week of June.
Gasoline (petrol) inventories shed 2.2 million barrels in the week to June 28, which compared with a build of 2.7 million barrels for the previous week.
The American Petroleum Institute (API) a day earlier estimated a weekly inventory draw, pegging it at a significant 9 million barrels.
Analysts noted that potential supply disruptions to Hurricane Beryl have also kept prices elevated, but the market’s reaction was muted partly due to lower trading volumes ahead of the 248th Independence Day (July 4) of the world’s largest oil producer.
Some concerns eased after the US National Hurricane Center said the storm was expected to weaken by the time it entered the Gulf of Mexico this week, however, the rain and wind impacts could still disrupt Mexico’s offshore oil production as well as its export infrastructure and tighten supply.
Prices have also received support from geopolitical factors this week, as traders worry about a further escalation of violence in the Middle East as Israel continues to bomb Gaza.
Production in the Organisation of the Petroleum Exporting Countries (OPEC) increased for the second straight month in June, according to a poll conducted by Reuters on Tuesday, which hurt oil prices.
The effect of voluntary supply restrictions made by other members and the larger OPEC+ alliance was mitigated by the increased supply from Nigeria and Iran during this period.
On the other hand, surveys revealed that China’s services activity increased at the slowest rate in eight months and business confidence reached a four-year low in June. China is the biggest importer of crude barrels, so a slowdown in the economic activity of the nation might harm the oil demand.
The expansion of businesses throughout the eurozone as a whole also slowed down significantly a month ago.
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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