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Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge - Business - Nairaland

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Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by peterciouspet: 12:17pm On Nov 06, 2017
Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

Brent futures, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level for years now.

U.S. West Texas Intermediate crude hit $56.00 per barrel in early trading, also the highest for many months now.

Crown Prince Mohammed bin Salman, Saudi Arabia’s designated future king, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors.

The arrest includes prominent business Billionaire, Alwaleed bin Talal, and the Head of the National Guard, Prince Miteb bin Abdullah.

“This consolidates the reforming process underway, part of which is a desire to drive the price of oil higher,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Bin Salman’s reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year.

Meanwhile, a higher oil price is seen as beneficial for the market capitalisation of the future listed company.

In oil fundamentals, traders said that there were ongoing signs of tightening market conditions.

U.S. energy companies cut eight oil rigs last week, to 729, in the biggest reduction since May 2016.

The decline in U.S. drilling activity comes as the Organisation of Petroleum Exporting Countries and non-OPEC group led by Russia have pledged to hold back about 1.8 million barrels per day.

The pact to withhold supplies runs to March 2018, but there is growing consensus to extend the deal.

While supplies are tightening, analysts say demand remains strong.

“Synchronous global economic growth and new supply disruptions are creating the most constructive oil price environment since 2014,” Barclays bank said.

Source:- http://www.exclusivepp.com.ng/oil-prices-hit-highest-levels-since-2015-amid-tightening-markets-saudi-purge/

1 Like 1 Share

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Topccy007: 12:18pm On Nov 06, 2017
The higher the price, the more the embezzlement..... If you think I'm lying ask Alison Madueke

This development may just help the APC looters get more funds for 2019 elections.

10 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by rottenPussy: 12:25pm On Nov 06, 2017
My people, BUHARI izz working! Remember he promised to STABILIZE the world’s oil price grin

He is getting there

23 Likes 2 Shares

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by AntiWailer: 12:25pm On Nov 06, 2017
So no low Oil Price excuse again for this Govt again.

I hope they talk to Niger Delta boys so we don't lose this opportunity to low Oil Production.

7 Likes 1 Share

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Bossontop(m): 12:26pm On Nov 06, 2017
undecided undecided undecided
Slight drop for the price now dem go blame oga jona

17 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Nobody: 12:26pm On Nov 06, 2017
Ok
Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Greenbuoy(m): 12:26pm On Nov 06, 2017
Ok nah
Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by joliyp(f): 12:27pm On Nov 06, 2017
if the capital exportation hit low at the parallel global market then the visible result should show at the local exporting countries like Nigeria
Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by lightblazingnow(m): 12:27pm On Nov 06, 2017
Joy
Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by paulchineduN(m): 12:27pm On Nov 06, 2017
Fellow Nairalanders, please how do I create thread on nairaland because I want to post my pre-wedding pictures. Someone with good heart should help me please

4 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Obito555(m): 12:28pm On Nov 06, 2017
Until we go back to Agriculture ...we will still be standing with one leg up

8 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Qsscruz(m): 12:28pm On Nov 06, 2017
If it were to be a sane country, this will be good news for the masses but here is dance time for the lotters... sad

3 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by ibkgab001: 12:31pm On Nov 06, 2017
Saboteurs

1 Like

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by dokiOloye(m): 12:32pm On Nov 06, 2017
And vegetable Buhari wants to start another wahala in d Niger delta in d name of operation octopus abi crocodile wetin,so d militants will resume bombing and Nigeria will not reap d benefits of d high oil prices.
Truly,education is very important.

4 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Nobody: 12:33pm On Nov 06, 2017
... smiley ... all the money would go into the pocket of another Dieazini Alison and his/her tribe members would support the stealing.

1 Like

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Oildichotomy(m): 12:34pm On Nov 06, 2017
Another justifiable reason to the states to sit their lazy bum down with longer throat for oil revenues. Even after the whole wahala we have faced for the past two years or so with the recession blues, we still haven't learnt our lessons.

The nitwits in Aso Rock and Zombeic parasites will be dancing one corner with this news now.
It is okay Continue

5 Likes 1 Share

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by dokiOloye(m): 12:37pm On Nov 06, 2017
NubiLove:
... smiley ... all the money would go into the pocket of another Dieazini Alison and his/her tribe members would support the stealing.
Its better a Diezani with oil wells scattered in her backyard steals d money,than to have Abba Kyari,Buhari and Babachir from d desert,who have only groundnut oil steal it.

6 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by kombats: 12:37pm On Nov 06, 2017
I Hope our government can see how a crowned prince who is even not yet the king is prosecuting corrupt official in the Saudi purge, nobody is too big, even a princess of Saudi Arabia, royals and some top ruling government officials have been arrested.

6 Likes 1 Share

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by teemy(m): 12:37pm On Nov 06, 2017
the current north korean nuclear crisis had a great part in this. however, should nigeria lose another chance to save in this session of plenty, the next years of drought might not leave us as lucky as the last one.

2 Likes 1 Share

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by NtoAkwaIbom(m): 12:38pm On Nov 06, 2017
The big players, they cough, and the world shudders.
Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Activeman391(m): 12:38pm On Nov 06, 2017
I hope the proceeds will be put into judicious use for the country

1 Like

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Daviddson(m): 12:40pm On Nov 06, 2017
paulchineduN:
Fellow Nairalanders, please how do I create thread on nairaland because I want to post my pre-wedding pictures. Someone with good heart should help me please
Go to the section you want to create the thread under. Click on Create New Topic at the top. Voila!

3 Likes

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by kombats: 12:43pm On Nov 06, 2017
teemy:
the current north korean nuclear crisis had a great part in this. however, should nigeria lose another chance to save in this session of plenty, the next years of drought might not leave us as lucky as the last one.
only if we have a very intellectual and futuristic planning minister of economic and petroleum, then it would have been a good news for the masses and country's GDP and not the cabals

1 Like

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by FarahAideed: 12:43pm On Nov 06, 2017
dokiOloye:
And vegetable Buhari wants to start another wahala in d Niger delta in d name of operation octopus abi crocodile wetin,so d militants will resume bombing and Nigeria will not reap d benefits of d high oil prices.
Truly,education is very important.

Dont mind the shallow man

1 Like

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by progress69: 12:45pm On Nov 06, 2017
AntiWailer:
So no low Oil Price excuse again for this Govt again.

I hope they talk to Niger Delta boys so we don't lose this opportunity to low Oil Production.

and $72 madam Okonjo don dey shout, things will get better

1 Like

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by Reference(m): 12:46pm On Nov 06, 2017
Even OPEC is conspiring to undermine the present government by eroding the last excuse in their political missile shield. What next... there was no monkey pox in PDP's time.... eh..

2 Likes 1 Share

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by anonimi: 12:52pm On Nov 06, 2017

3 Likes 1 Share

Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by BiafraIShere(m): 12:58pm On Nov 06, 2017
Yet Buhari & His Croonies Will embezzle everything. The oil prices will even spike further by the time the old, illiterate and useless sherif in town provokes the militants as he is already doing. By the time the barbarians from the Futa Djalon highlands of Guinea finish with the zoo, the 180 million inhabitants would have turned to canibals devouring one another!
Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by fabiano09(m): 12:59pm On Nov 06, 2017
joliyp:
if the capital exportation hit low at the parallel global market then the visible result should show at the local exporting countries like Nigeria
ehm tell us say u know book too much,we don hear,now plz explain in lay man English
Re: Oil Prices Hit Highest Levels Since 2015 Amid Tightening Markets, Saudi Purge by deco22(m): 1:02pm On Nov 06, 2017
kombats:
I Hope our government can see how a crowned prince who is even not yet the king is prosecuting corrupt official in the Saudi purge, nobody is too big, even a princess of Saudi Arabia, royals and some top ruling government officials have been arrested.
everybody knows that he is just doing it to cement his authority...all of the people that were arrested were potential rivals to the throne.

2 Likes

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