Militants in the Niger Delta have disrupted supplies - a tentative ceasefire has been called but traders await details on the proposals

Oil extended declines after the biggest loss in three weeks before weekly US crude inventory data and as the market awaits comment from the Nigerian government on a proposal by militants to end hostilities.

October futures fell as much as 1.7 per cent in New York after declining the first time in eight days on Monday.

Crude stockpiles probably dropped by 1 million barrels last week, before a report from the Energy Information Administration on Wednesday. 

The cease-fire declared by Niger Delta Avengers should be viewed with caution, according to analysts from Commerzbank and Global Risk Management.

Oil rose more than 20 per cent on Thursday, less than three weeks after it tumbled into a bear market. Prices were driven higher partly by speculation that informal talks among members of OPEC next month may lead to action to stabilize the market. There is a possibility that producers may agree to freeze output, according to Goldman Sachs.

“We’re seeing a bit of profit taking,” said Ric Spooner, chief analyst at CMC Markets in Sydney. “It’s about how far the price had climbed in relation to the current underlying fundamental situation. There is still plenty of supply around. It wouldn’t be surprising to see this downtrend continue and it’s possible we could see some sort of basing around $44 to $45 a barrel.”

West Texas Intermediate for October delivery lost as much as 79 cents to $46.62 a barrel on the New York Mercantile Exchange and was at $46.82 a barrel at 1:23 p.m. in Hong Kong.

The September contract expired Monday after dropping $1.47 to close at $47.05, snapping the longest run of gains since 2012. Total volume traded was about 61 per cent above the 100-day average.

Brent for October settlement lost as much as 65 cents, or 1.3 per cent, to $48.51 a barrel the London-based ICE Futures Europe exchange. Prices slipped $1.72, or 3.4 per cent, to settle at $49.16 on Monday. The global benchmark traded at a $1.87 premium to WTI.

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Source: http://www.independent.co.uk/news/business/news/oil-price-falls-nigeria-futures-crude-stockpiles-militants-niger-delta-avengers-a7204746.html

Hmmm

The truth is the body language of NDA has effect on the global prize of crude oil and the world is observing with keen interest on how the government and the militants manage their interest.

For relationship, love, sex and marriage articles visit www.amaraofficial.com.

Ok.
Nigeria will rise again....Just believe.

Delta Sheikh's

I guess when someone said e would stabilize crude oil price was through the avengers (Na joke o)

Countries whose economy are not tied to oil and some other commodities are lucky.

Oga juu

Slides again, one minute its up the next minute it's down. Expectations keep crumbling.

he once said he will control world oil price .i think he is fufilling his electoral promise already

Nigerian government is nothing but Ojuju calabar!!!

Pavore9:
Countries whose economy are not tied to oil and some other commodities are lucky.

they are not lucky. they are subject to the dictates suppliers.

This picture is what I think of John Kerry going to Sokoto, he knows he cant come to the South as no Southerner can be fooled by an American, rather some of our badoos even use their Yahoo Yahoo to grab their money from them. He is there to verify if truly OIL has been discovered in the North so that Halliburton can start exploration with Aisha as CEO.

Since they are not coming with technology transfer, sponsorship of new projects such as roads construction, building of new schools, hospitals, water supply etc but to make empty promises as usual and tell us about tolerance and terrorism, we dont need John Kerry and his terrorist supporting team here for any reason. He should do quick and get out from Nigeria. The US can scuttle the ceasefire with NDA depending on what they want at a particular time (whether low or high price)

hummmm

Guyman02:
.

guy man space booking continu

I need to visit Buhari (toilet), soon... that is the name I give my toilet...

nairaland I know your next move...but I don't care cause I know who u r to buhari

Branzy:
I guess when someone said e would stabilize crude oil price was through the avengers (Na joke o)

I don't think you all realise the quagmire you are in yet. In the just concluded world conference on climate change, all countries have agreed to stop using crude oil based products to power cars, machinery, etc in 50 years. You guys are phucked in another half century.

The person of Buhari is Nigeria's only major problem at the moment.... He has has to leave the scene somehow. No sustainable agreement can be reached with Buhari as president because his personality exudes nepotism, division, anarchy and death.

Even investors who fled Nigeria would never return under a Buhari presidency irrespective of what policies they put in place.

Victorakats:
The truth is the body language of NDA has effect on the global prize of crude oil and the world is observing with keen interest on how the government and the militants manage their interest.

For relationship, love, sex and marriage articles visit www.amaraofficial.com.

i have a feeling its through the NDA buhari made that emphatic promise to stabilize oil price... ...just joking sha...

Still waiting for the price of oyel to crash to 0. Ignorant terrorist.

Which way naija? Please compare the calendar of 1983 to that of 2016. Buhari has dragged Nigeria back to 1983

pippimp:



I don't think you all realise the quagmire you are in yet. In the just concluded world conference on climate change, all countries have agreed to stop using crude oil based products to power cars, machinery, etc in 50 years. You guys are phucked in another half century.

am sure u attended d confrence

WinningSun:


they are not lucky. they are subject to the dictates suppliers.

Kenyans were buying a litre of Petrol as at 2012 for 112 shillings then their exchange rate was 85 shillings to 1 US dollar. Today they buy a litre for 86.17 shillings and the exchange rate us 101 shillings to 1 US dollar. Their economy is tied to hosting conferences, tourism and export of Agricultural products.

B3sty:
Ok.
Nigeria will rise again....Just believe.

Nah so bro! Gbayi

Men naija groups sabi make headlines sha. Wea the Russian jets


Check the thread on my signature

good things are coming ahead

Awwww! Buhari should keep looking for oil in the Northern Hemisphere

Victorakats:
The truth is the body language of NDA has effect on the global prize of crude oil and the world is observing with keen interest on how the government and the militants manage their interest.

For relationship, love, sex and marriage articles visit www.amaraofficial.com.

Dey deceive yourself o, body language kor body odour ni

Ope o












For a moment I thought they were talking about vegetable oil...