Crude oil has traded lower as a result of easing supply concerns, with Brent falling by 17 cents to close at $83.16 per barrel, and the US West Texas Intermediate (WTI) crude depreciating by 10 cents to finish at $78.38 a barrel on Tuesday.  

Brent Hits $64 On Oil Supply Curtailment     Brent oil price jumped further yesterday, spurred by curtailed supplies in the southern United States (U.S.) state of Texas caused by extremely cold weather conditions. International benchmark Brent crude traded at $64.38 per barrel after closing Wednesday at $63.35...

Oil Price Rises Above $56 On Tight Supply Expectations         The international oil benchmark, Brent crude, rose above $56 per barrel on Tuesday, buoyed by Saudi Arabia’s plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand. While the sustained increase in...

‘Nigeria, Others Reduced Oil Supply By 1.9bn Barrels’         Nigeria and other member and non-member nations of the Organisation of Petroleum Exporting Countries reduced global crude oil supply by 1.9 billion barrels between May and November last year, OPEC stated on Tuesday. It made this known after...

Moody’s: Oil Supply Faces Oversupply Risk Oil and natural gas prices will be volatile in 2019, Moody’s Investors Service predicted in its annual report outlining key credit themes in oil and gas for 2019. The report noted that while the recent announcement that OPEC and Russia...

The federal government is demanding $406.75 million at the minimum from the Shell Petroleum Development Company (SPDC) and its surrogate Shell Western Supply & Trading Limited for alleged crude oil theft. The amount, according to court papers in Lagos, represents the shortfall of the money...