Economy
Oil Rises as Positive US Fuel Stocks Data Outweigh Supply, Demand Concerns
By Adedapo Adesanya
Oil prices closed slightly higher on Thursday over draw in US fuel stocks outweighed oversupply concerns and demand worries stemming from a stronger Dollar.
The price of Brent crude futures grew by 28 cents or 0.4 per cent to $72.56 per barrel and the US West Texas Intermediate (WTI) crude futures rose by 27 cents or 0.4 per cent to $68.70 a barrel.
The US Energy Information Administration (EIA) reported an inventory build of 2.1 million barrels for the week to November 8. In fuels, however, inventories fell.
US gasoline (petrol) stocks fell by 4.4 million barrels last week, indicating a good demand level.
The crude oil inventory change compared with a build of the same size for the previous week, which pressured oil prices at the time.
A day earlier, the American Petroleum Institute (API) had reported an unexpected but modest draw in crude oil inventories, at 777,000 barrels, for the week to November 8. The API also estimated a draw in gasoline inventories and a build in middle distillates.
The market remains pressured by the weight of lower demand expectations coupled with ample supply indications.
The Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) reviewed their demand outlook and signalled that they expect a well-supplied market this year and next.
The IEA forecasts global oil supply will exceed demand in 2025 even if cuts remain in place from OPEC+, which includes OPEC and allies such as Russia, as rising production from the US and other outside producers outpaces sluggish demand.
The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 barrels per day and left its 2025 oil demand growth forecast little changed at 990,000 barrels per day.
OPEC, meanwhile, revised down its oil demand forecast for this year, to 1.82 million barrels daily from 1.93 million barrels daily in the previous edition of the Monthly Oil Market Report. Total world oil demand is anticipated to reach 104.0 million barrels per day. in 2024, bolstered by strong transportation fuel demand and ongoing healthy economic growth.
Pressure remains from the US Dollar, which makes Dollar-denominated commodities like crude oil more expensive for holders of other currencies, which can reduce demand.
The Dollar surged to a one-year high and headed for a fifth-straight daily gain fuelled by higher yields and President-elect Donald Trump’s election victory in the US.
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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