Budget Benchmark Stays Despite Rise In Oil Prices   The Federal Government on Monday said it was not in a hurry to adjust its benchmark oil price for the 2020 budget following the attack on Saudi Arabia’s oil facility, which had resulted in a rebound in...

Increasing Oil Price Pushes Petrol Landing Cost Above N180 The landing cost of Premium Motor Spirit (petrol) being imported into the country will rise further on the back of the recent increase in global oil prices. The Minister of State for Petroleum Resources, Dr Ibe Kachikwu,...

US Sanctions, OPEC Deal To Shift Oil Prices Higher — Analysts   Supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and United States (US)’ sanctions against Iran and Venezuela will push the oil market into undersupply and boost the cost of crude in coming...

As US Crude Production Hits Record, Oil Prices Dipped Oil prices dipped on Thursday, dragged down by weakening factory output in China and Japan and record United States crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC. International Brent...

Oil prices has risen over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising. Brent crude futures, the international benchmark for oil prices, were at 57.84 dollars. U.S. West Texas Intermediate (WTI) crude...

Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures, the international benchmark for oil prices, were at 58.27 dollars at 0131 GMT, up 39 cents, or 0.7 per...