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Nairaland Forum / Nairaland / General / Business / Brent Crude Oil Rose From $47.06 To $50 per Barrel (9050 Views)
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Brent Crude Oil Rose From $47.06 To $50 per Barrel by jolamos01(m): 5:02pm On Aug 18, 2016 |
Oil prices rose on Thursday with Brent briefly topping $50 thanks to a weaker dollar and a drop in US crude stockpiles, traders said. Brent North Sea crude reached $50.05 a barrel — breaching $50 for the first time since early last month. Later around 1230 GMT, Brent North Sea crude for delivery in October was up two cents at $49.87 a barrel following some profit-taking. US benchmark West Texas Intermediate for September delivery gained 27 cents to $47.06, compared with Wednesday’s close. “Brent has climbed… to $50 per barrel for the first time since early July, finding support from a weaker US dollar and an unexpectedly marked decline in US crude oil and gasoline stocks,” said Commerzbank analyst Carsten Fritsch. As a dollar-priced commodity, a weaker greenback makes crude cheaper for those holding other currencies. The dollar has been impacted by minutes from the Federal Reserve’s July meeting that showed caution over raising US interest rates, dealers said. US central bank minutes, published Wednesday, coincided with official data revealing signficant declines in US commercial crude stockpiles — signalling a modest strengthening of demand in the world’s top oil consumer. US crude stockpiles last week fell by 2.5 million barrels and gasoline stocks declined 2.7 million barrels, said the Department of Energy. Oil prices have hit five-week highs this week, supported by hopes of an agreement between OPEC and non-cartel crude producers to limit excess supplies. OPEC members and non-OPEC rival Russia are to meet informally in Algeria next month, as reports suggest that OPEC kingpin Saudi Arabia is ramping up production to fresh record levels after an all-time high of 10.67 million barrels per day in July. Oil price “upside is capped by Saudi’s signals of pumping more oil in August, which could give the kingdom more leverage during talks in Algeria next month”, said EY energy analyst Sanjeev Gupta. “The oil market will continue to seesaw amid scepticism over the coordinated efforts to stabilise output,” he told AFP. Source:http://punchng.com/brent-crude-oil-tops-50/ 1 Like 2 Shares
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Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by ClitRaider: 5:06pm On Aug 18, 2016 |
Thats Goodnews!
I hope this daura govt will transfer the abundance to the hungry masses soon. 2 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by jolamos01(m): 5:09pm On Aug 18, 2016 |
I hope Sai Baba will give us change,$38.7 was used as bench mark for budget. 16 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by theodavid: 5:17pm On Aug 18, 2016 |
Let see how it goes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by wildchild1: 6:48am On Aug 19, 2016 |
Thank God 1 Like 1 Share |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by dollaflow(m): 6:48am On Aug 19, 2016 |
hmmm |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Nobody: 6:48am On Aug 19, 2016 |
Our output is still low so this doesn't make any significant change in our earnings 13 Likes 1 Share |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by eleojo23: 6:49am On Aug 19, 2016 |
Oh lord let it rise further so that this government will no longer have excuses for their incompetence. 19 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by jazinogold(m): 6:49am On Aug 19, 2016 |
let's hear the excuse Lie Mohammed will give next... 4 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by lonelydora: 6:49am On Aug 19, 2016 |
According to Saudi Prince, the world will never see a $100 oil price again. People expecting to see oil at $100 are just wasting time. I believe him shaa with the way things are. Buhari should start calculating our change ooooo. N38 was used as bench mark. 5 Likes 1 Share |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Turks: 6:49am On Aug 19, 2016 |
Crude oil's shine days are over. Agrictulure is the new cool. 24 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by CharlieMaria(m): 6:49am On Aug 19, 2016 |
Glory be to God. 1 Like |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by josh93: 6:51am On Aug 19, 2016 |
ehhhh? |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by dukeprince50: 6:51am On Aug 19, 2016 |
so dollars sef can weak |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Nobody: 6:51am On Aug 19, 2016 |
Taa! Shutup there! Ur papa too dey lie |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by elitebliss(f): 6:54am On Aug 19, 2016 |
Hmmmm watching Bubu from a distance |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by BarryX(m): 6:54am On Aug 19, 2016 |
When are we going to diversify and not monitor oil prices like zombies looking for prey. 1 Like |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by LOVEGINO(m): 6:54am On Aug 19, 2016 |
Sai baba! 14 Likes 1 Share
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Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Amanwulu1(m): 6:54am On Aug 19, 2016 |
Good! Hope there'll b less complain frm d govt now. Obj sold oil at $9 yet we didn't hear him sulk. This govt sulk eh. 1 Like |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Emeka71(m): 6:54am On Aug 19, 2016 |
Bravo; opportunity to alternate with the Naira - Dollar issue. |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Nobody: 6:55am On Aug 19, 2016 |
Good news i presume.. |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by SirElaw(m): 6:55am On Aug 19, 2016 |
ClitRaider:You wake up with such bitterness. Tell me, how do you survive? 5 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by NaLaugh: 6:55am On Aug 19, 2016 |
What did Nigerians benefit during the peak prices of Crude? 2 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Integrityfarms(m): 6:56am On Aug 19, 2016 |
If only we had peace in the ND we would have maximized the gains of rising oil price but thanks to PMB for this infamous 97% and 5% theory! 1 Like |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by CaptainBomb(m): 6:56am On Aug 19, 2016 |
Sai what? Sai baba ... Till 2023 |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Benjom(m): 6:57am On Aug 19, 2016 |
Hmn... still not reliable. |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Freelancer007(m): 6:57am On Aug 19, 2016 |
Soon, Naira will rise again! 2 Likes |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Nobody: 6:58am On Aug 19, 2016 |
. |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by Dexema(m): 6:58am On Aug 19, 2016 |
Good news but naija production is still low, only God can touch the heart of these saudis to sheath their sword and come to an understanding with other stakeholders, so oil prices can at least rise, other oil producing countries like Nigeria, Angola and Venezuela are not having it nice at all. |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by dondo83(m): 7:00am On Aug 19, 2016 |
ClitRaider: like goodluck did bah? As long as NDA Keeps blowing pipelines even if crude is sold at $100 Nigeria wont feel the surplus |
Re: Brent Crude Oil Rose From $47.06 To $50 per Barrel by hucienda: 7:01am On Aug 19, 2016 |
Still would go back to 40sth. Not yet steady as issues still remain. |
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