Oil Stretches Fall as Delta Variant Cases Surge in China

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya Fidelity Bank Plc has disclosed that it has entered a binding agreement to acquire a 100 per cent equity stake in the United Kingdom franchise of Union Bank Plc. The bank announced this in a corporate filing on the Nigerian Exchange (NGX) Limited signed by Mrs Ezinwa Unuigboje, the company secretary, adding the Central Bank of Nigeria (CBN) had issued a No Objection letter for the deal. It also added that the transaction is still subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom. The acquisition will give the Nigerian mid-level lender

By Adedapo Adesanya Brent crude futures gained 0.16 per cent or 15 cents on Wednesday to sell at $105.20 per barrel while the US West Texas Intermediate (WTI) crude futures appreciated by 0.42 per cent or 43 cents to $102.10 per barrel. This was boosted by the report of the United States Energy Information Administration (EIA) of a modest crude oil inventory build of 700,000 barrels for the week to April 22 compared with the preceding week’s inventory decline of 8 million barrels. At 414.4 million barrels, crude oil inventories are 16 per cent below the five-year average for the

By Investors Hub European stocks have given up early gains to turn mostly lower on Tuesday as investors gear up for the US earnings season and looked ahead to testimony from Fed chair Janet Yellen this week for clues on the timing of the next U.S. rate hike. While the German DAX Index is up 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 0.8 percent. Adecco shares have come under pressure after analysts at Deutsche Bank cut their rating on the Swiss staffing firm. Pearson shares

By Adedapo Adesanya The Lagos State Government has announced the end of the fourth wave of the coronavirus pandemic in the state following the consistent decrease in cases over a period of time. The state’s Commissioner for Health, Professor Akin Abayomi disclosed this through his verified Twitter account @ProfAkinolaAbayomi over the weekend, while giving the state’s COVID-19 update for the week ended January 20. The state had on December 7 announced the beginning of the fourth wave as the daily infection figure from the virus spiked. Prof. Abayomi said that there was a reduction in positivity rates of COVID-19 infection

By Modupe Gbadeyanka Diamond Bank has announced the appointment of three outstanding and successful Nigerian individuals as its directors. The new appointees, according to a notice to the Nigerian Stock Exchange (NSE), are Mrs Chizoma Okoli, Mr Chiugo Ndubisi and Mr Rotimi Olayiwola Oyekanmi. While Mrs Okoli and Mr Ndubisi were appointed as Executive Directors, Mr Oyekanmi was announced as an Independent Director. Diamond Bank, in the notice signed by its Legal Adviser, Mrs Nkechi Nwosu, explained that the appointments would be “presented to the shareholders for ratification at the next Annual General Meeting (AGM) of the company.” Mrs Okoli,

By Adedapo Adesanya The Vice President, Mr Kashim Shettima, has said President Bola Tinubu is very passionate about empowering Micro, Small and Medium Enterprises (MSMEs) for the development of the nation’s economy. The VP spoke on Tuesday on the sidelines of the BRICS Trade Fair in Johannesburg, South Africa, during his tour of exhibition stands. “It is a known fact that the empowerment of the MSMEs is key to empowering our youth and women towards contributing to the nation’s economic development.” Speaking further about the commitment of President Tinubu towards empowering the MSMEs, he said “the President is a very

By Abdullahi Dambe More facts seem to be emerging concerning the recent controversy over the National Arts Theatre, Lagos. My findings reveal that while it is true that the Central Bank of Nigeria (CBN) is championing a policy to support the creative industries via its Creative Industries Financing Scheme, and in furtherance of that, is working with the Bankers Committee to explore the development of creative hubs and zones in various parts of the country. However, unbeknown to the CBN Governor, Mr Godwin Emefiele, there is an on-going transaction for the concession of the National Arts Theatre and its surrounding

By Modupe Gbadeyanka The presidency has promised to present the 2017 budget on time to the National Assembly for quick implementation. This assurance was given by the Senior Special Assistant to the President on National Assembly Matters, Mr Ita Enang, during a press briefing. Mr Enang noted that the presentation of the budget depends on the quick passage of the Medium Term Expenditure Framework and Fiscal Strategy Papers by the Senate, but revealed that the implementation of the 2016 budget was going on well. He expressed his appreciation to the Senate and its leadership for the way they have piloted