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/

Thats Goodnews! I hope this daura govt will transfer the abundance to the hungry masses soon.

I hope Sai Baba will give us change,$38.7 was used as bench mark for budget.

Let see how it goes

Thank God

hmmm

Our output is still low so this doesn't make any significant change in our earnings

Oh lord let it rise further so that this government will no longer have excuses for their incompetence.

let's hear the excuse Lie Mohammed will give next...

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.

Crude oil's shine days are over. Agrictulure is the new cool.

Glory be to God.

ehhhh?

so dollars sef can weak

Taa! Shutup there! Ur papa too dey lie

Hmmmm watching Bubu from a distance

Sai baba!

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.

Bravo; opportunity to alternate with the Naira - Dollar issue.

Good news i presume..

ClitRaider:
Thats Goodnews!
I hope this daura govt will transfer the abundance to the hungry masses soon.

You wake up with such bitterness. Tell me, how do you survive?

What did Nigerians benefit during the peak prices of Crude?

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!

Sai what?

























































































Sai baba ... Till 2023

Hmn... still not reliable.

Soon, Naira will rise again!

.

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.

ClitRaider:
Thats Goodnews!
I hope this daura govt will transfer the abundance to the hungry masses soon.

like goodluck did bah? As long as NDA Keeps blowing pipelines even if crude is sold at $100 Nigeria wont feel the surplus