Oil Prices Extend Gains Thursday as Brent Nears $62

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

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By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya  The International benchmark future, Brent Crude, recovered Tuesday’s loss to rise more than 3 percent following expectations that Organisation of the Petroleum Exporting Countries (OPEC) alliance might extend deeper cuts to oil supply when they meets on Thursday. Brent Crude had suffered losses on Tuesday driven by a comment by President Donald Trump that the US-China trade deal might not happen until late next year. However, by yesterday night, when Business Post monitored prices of the commodity, the future was trading up 3.73 percent or $2.27 to trade at $63.09 per barrel. The US Benchmark, West Texas

By Investors Hub Shares of eBay (EBAY) have come under pressure in pre-market trading after the e-commerce giant reported third quarter earnings that met analyst estimates provided disappointing guidance. Credit card giant American Express (AXP) may also move to the downside after announcing the retirement of CEO Kenneth Chenault. The company reported third quarter results that exceeded expectations. Shares of Nike (NKE) are also seeing premarket weakness after the Goldman Sachs downgraded its rating on the athletic footwear and apparel giant to Neutral from Buy. On the other hand, shares of Corbus Pharmaceutical (CRBP) may open sharply higher after the

By Adedapo Adesanya The President of the African Development Bank (AfDB), Mr Akinwumi Adesina, recipient of the 2017 World Food Prize; and Professor Joseph E. Stiglitz, recipient of the 2001 Nobel Memorial Prize in Economic Sciences, have called for a quick and comprehensive plan for debt restructuring in Africa. This call was made at the launch of the bank’s 2021 edition of its annual African Economic Outlook held recently, where the lender sought ways to restructure Africa’s collective debt which now stands at 70 per cent of the continent’s gross domestic product (GDP). At the launch, Mr Adesina urged African

By Dipo Olowookere SureBüddy, an android application that has today launched into market, brings sponsored insurance and insurance related products to Uganda. SureBüddy is simple and easy to use – the app renders advertisements, the consumer watches the ads, and then receives free cover as a reward. Ad images are non-intrusive, use very little data, and disappear with a click. SureBüddy’s cover is sponsored for the user as all costs are paid by the advertiser. SureBüddy then uses the advertising revenue to reward the user directly with cover, and in this instance, the consumer benefits from watching advertisements. “Strive Masiywa

By Dipo Olowookere A total of $16.1 million has been approved by the Executive Board of the International Monetary Fund (IMF) for the Gambia under the Rapid Credit Facility (RCF). The Gambia faces an urgent balance of payments need triggered by a weak agricultural season, lower tourism receipts due to the political turmoil early this year, and higher commodity prices. The financial assistance is intended to address urgent balance of payments needs that have arisen on account of the shocks. In addition, the Board was informed about the IMF Managing Director’s approval of a one-year staff-monitored program (SMP) to guide

By Dipo Olowookere Following the reaction that trailed the EndSARS Twitter campaign started over the weekend, the Inspector General of Police (IGP), Mr Ibrahim Idris, has bowed to pressure and has directed the immediate re-organisation of its Special Anti-Robbery Squad (SARS) across the country. Nigerians had started a campaign on social media with the hashtag #EndSARS in protest of atrocities committed by men of the police unit, calling for its scrapping. Several prominent Nigerians joined the campaign, calling on police authorities to listen to the cries of Nigerians, some of who have suffered brutally in the hands of SARS officials.

By Modupe Gbadeyanka A Nigerian rapper, Mr Panshak Henry Zamani, otherwise known as Ice Prince, has been arrested by officials of the Nigeria Police Force, Lagos Command. The music act was apprehended by the security operatives over an alleged assault of a policeman, according to a statement issued by the spokesman of the command, Mr Benjamin Hundeyin. Mr Hundeyin alleged that Ice Prince was driving without a number place and after he was approached, he abducted the policeman and threatened to throw him in a river. “At 3 am today, Ice Prince was stopped for driving without license plates. He

By Modupe Gbadeyanka The promo cards microsite launched in October 2020 by Spotify for Artists has been expanded, a notice from the organisation has confirmed. The promo card microsite allows creators to easily generate eye-catching shareable social media assets to share with their fans on social media, including graphics to promote an artist, their songs, their album, or when they’re added to some of Spotify’s most popular playlists. With hundreds of thousands of cards having been downloaded and shared thus far, Spotify knows this is a popular tool for artists to connect further with their fans. Spotify has now expanded