Economy
Oil Trades Mixed on Impact of US Weather, Chinese Demand Woes
By Adedapo Adesanya
Crude oil benchmark prices were mixed on Wednesday as weather disrupted production in United States while worrying economic growth in China raised concerns about energy demand.
Brent crude futures lost 41 cents to trade at $77.88 a barrel, while the US West Texas Intermediate crude futures (WTI) gained 16 cents to settle at $72.56 per barrel.
In North Dakota, a top oil-producing US state, below-zero degrees Fahrenheit temperatures caused oil output there to fall by 650,000 to 700,000 barrels per day.
According to government officials, the disruption was more than half its typical output.
The state’s overall production stood at about 1.27 million barrels per day, based on the latest available data from the Energy information Administration (EIA).
North Dakota is the third largest US oil producing state after Texas and New Mexico.
Earlier this week, the state reported a handful of operational issues and leaks, including an oil spill and water line leak.
Meanwhile, China’s economy in the fourth quarter expanded by 5.2 per cent year on year, missing analysts expectations and calling into question forecasts that Chinese demand will fuel 2024 global oil growth. This weakened prices.
Market analysts say the economic data doesn’t mean the end the headwinds over crude oil demand, as the Chinese outlook for 2024 and 2025 is still not positive.
However, China’s oil refinery throughput in 2023 rose 9.3 per cent to a record high, indicating elevated demand.
The market continued to observe the conflicts in the Red Sea, which so far has not supported oil prices despite mounting concern about tankers having to pause or reroute, raising shipping costs and slowing deliveries.
Tensions remained high after the US mounted fresh strikes against Iran-aligned Houthi militants in Yemen on Tuesday after their missile hit a Greek vessel.
Crude oil inventories in the US rose this week by 483,000 barrels for the week ending January 12, according to the American Petroleum Institute (API).
The API had reported a 5.215 million barrels draw in crude inventories in the week prior.
Official data from the EIA will be released on Thursday, due to the US holiday on Monday.
The International Energy Agency (IEA) expects oil markets to be balanced this year, despite Middle East tensions amid a rising supply and slowing demand growth outlook, according to its executive director, Mr Fatih Birol.
The Organisation of the Petroleum Exporting Countries (OPEC) stuck to its forecast for relatively strong growth in global oil demand in 2024.
OPEC also said that 2025 will bring a robust increase in oil use, led by China and the Middle East.
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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