By Adedapo Adesanya Oil prices closed higher by about 4 per cent on Friday, supported by real and threatened cuts to supply, with Brent growing by $3.69 or 4.1 per cent to settle at $92.84 a barrel and the United States West Texas Intermediate (WTI) crude increasing by $3.25 or 3.9 per cent to settle… Continue reading Oil Jumps 4% on Supply Cut Threats
Tag: supply cut
Brent Hits $100 Again on Possible Supply Cut
By Adedapo Adesanya Brent crude returned to the $100 mark on Tuesday after it rose by $3.74 or 3.9 per cent to sell at $100.22 per barrel as Saudi Arabia floated the idea of output cuts to support prices in the case of returning Iranian crude. Also, the price of the United States West Texas… Continue reading Brent Hits $100 Again on Possible Supply Cut
OPEC+ Leans Towards Extending Supply Cut
By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) and allies known as OPEC+ are leaning towards delaying next year’s planned increase in oil output. This is to support the market during the second wave of COVID-19 and rising Libyan output despite a rise in prices, three sources close to OPEC+ have been… Continue reading OPEC+ Leans Towards Extending Supply Cut
Brent Trades at $45 as Possible Supply Cut Extension Woos Investors
By Adedapo Adesanya The Brent crude price appreciated by 81 cents or 1.83 per cent to trade at $45.01 per barrel at the global market on Friday supported by investors showing confidence that the Organisation of the Exporting Countries and its allies (OPEC+) will keep production in check. This also boosted the price of the… Continue reading Brent Trades at $45 as Possible Supply Cut Extension Woos Investors