OPEC Output Rises 1mbdp as Producers Ease Cuts in August

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 prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

**EFCC Wades in By Dipo Olowookere A fraud to the tune of N2.9 million is already causing a disagreement between Sterling Bank and one of its customers. While the bank is accusing the customer, Providence Heights Secondary School Staff Welfare Association, of being careless with its account details, the bank account holder claims the financial institution should be held responsible for its ‘missing’ money. Already, the customer has run to the Economic and Financial Crimes Commission (EFCC) for assistance and we learnt the agency is looking into the matter with a view to solving the disagreement and bring those involved

By Modupe Gbadeyanka Registration for the 2022 Miss Niger Delta has commenced. Later this month, a winner will emerge and will be crowned the 19th Miss Niger Delta, Ambassador for Peace and Development. In a statement, the Director of Media and Communication of Miss Niger Delta Organisation, Ms Karina Israel, disclosed that the event aims to support the development and growth of young females from the oil-rich region and promote socio-economic and human capital development. She stated that intending participants could get the forms at no cost at the nine participating states, with the screening of contestants to be held

By Dipo Olowookere The main opposition political party in Nigeria, the Peoples Democratic Party (PDP) and its candidate in the 2019 presidential election, Mr Atiku Abubakar, have been asked to apologize to Nigerians for “willfully distracting” the administration of President Muhammadu Buhari, candidate of the All Progressives Congress (APC) at the February poll. Mr Buhari was announced as the duly elected President of the country at the Presidential Election Petition Tribunal on Wednesday in Abuja in an 8-hour judgement read by head of the five-man panel, Justice Mohammed Garba. In a statement issued on Thursday in Russia by the Minister

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has pledged to support the Nigerian National Petroleum Corporation (NNPC) to deliver value to Nigerians in the energy sector. The Director/Chief Executive Officer of the DPR, Mr Sarki Auwalu, gave this assurance when a delegation of the NNPC management team led by the Group Managing Director, Mr Mele Kyari, visited his office in Abuja on Tuesday. The DPR chief said that as a regulator, it does not stand to look for faults, rather, it helps operators to deliver on business mandates to boost economic activities. “Being a regulator is trying to

By Investors Hub The major U.S. index futures are currently pointing to a modestly higher opening on Monday, with stocks likely to move back to the upside following the weakness seen last Friday. Early buying interest may be generated in reaction to news that a Treasury Department spokeswoman denied reports the Trump administration is considering delisting Chinese companies from U.S. stock exchanges ?The administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time. We welcome investment in the United States,? Treasury spokeswoman Monica Crowley said in a statement. Crowley?s statement comes on the

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere Serial entrepreneur and founder of a leading digital outdoor advertising company, Loatsadpromomedia, Mr Seyi Tinubu, has launched his new CSR initiative aimed at providing seed funding and mentorship to some of Nigeria’s brightest tech entrepreneurs. The initiative, Seyi Tinubu Empowerment Project (STEP), seeks to provide peer-to-peer mentorship as well as seed funding of up to N5 million to young tech entrepreneurs who have credible businesses that will solve real life issues in Nigeria and add value to the economy. STEP came up under the umbrella of Noella Foundation, a non-profit focused on providing skills development and training,

By Dipo Olowookere Plans are underway to expand the edible oil refinery of Flour Mills of Nigeria Plc, Premium Edible Oil Products Limited (PEOPL), the management has said. The arm of the business used to be known as Rom Oil Mills Limited until it was changed to PEOPL recently by the company. Business Post recalls that in 2014, Flour Mills commissioned a-400 metric tonnes per day universal refinery in Ibadan, Oyo State. The factory was built to refine crude palm kernel oil, crude palm oil and crude soybean oil into refined oil and distilled fatty acids. Flour Mills, which released