After Hitting Low Record , Oil Price Rises To $72       Oil prices rose on Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories last week and a weaker demand outlook due...

Oil Price Plunges To $74 Amid OPEC+ Crisis       The international oil benchmark, Brent crude, pared some of its recent gains on Tuesday, after the Organisation of the Petroleum Exporting Countries and its allies cancelled a meeting due to clashes over plan to increase supply to...

Oil Now $77 As Daily Petrol Subsidy Rises To N6.07bn       The further rise in global crude oil prices has pushed the daily subsidy on Premium Motor Spirit, also known as petrol, to N6.07bn. Petrol subsidy, which was removed in March 2020, re-emerged earlier this year as...

W/Bank Upgrades Nigeria’s Economic Growth Forecast To 1.8%       The World Bank yesterday upgraded its economic growth forecast for Nigeria in 2021 to 1.8 per cent, citing higher oil prices, structural oil sector reforms, and market-based flexible exchange rate management. This represents a 0.7 percentage point increase...

Rising Oil Price Puts More Pressure on NNPC’s Finances       Crude oil extended its gains at the weekend after closing at a six-week high with signs of strengthening demand in key markets, thereby piling more pressure on the ability of the Nigerian National Petroleum Corporation (NNPC)...

Oil Falls To $65 As India’s COVID-19 Cases Surge       The global oil benchmark, Brent crude, declined on Monday as the Organisation of the Petroleum Exporting Countries and its allies indicated that it was watching surging COVID-19 cases in India, the world’s third-biggest oil importer. Brent crude,...