Oil prices slumped to more than two-week lows yesterday, as global stock markets fell, with investor sentiment made more bearish by the United States government data that showed domestic crude inventories rose more than expected last week.

Brent crude futures fell by $2.08 or 2.5 percent to $81.01 a barrel. The contra posted a session low of $80.69, its weakest since September 24. The global benchmark has retreated after hitting a four-year high of $86.74 on October 3.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.81, or 2.5 percent, to $71.36 a barrel. WTI hit a session low of $71.08, the lowest since September 21.

Crude inventories rose by six million barrels in the week to October 5, data from the Energy Information Administration showed yesterday. Analysts had expected an increase of 2.6 million barrels.Refinery crude runs fell by 352,000 barrels per day, EIA data indicated, while utilisation rates dropped by 1.6 percentage points.

Falling U.S. equity markets and a global risk-off environment also weighed on crude futures. On Wednesday, U.S. stock markets tumbled, with the S&P 500 and the Dow Industrials indexes posting their worst day in eight months, as solid economic data reinforced expectations of multiple interest rate hikes next year.

OPEC cut its forecast of global demand growth for oil in 2019 for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.

https://www.akelicious.net/2018/10/oil-prices-dip-by-25-amid-us-inventory_12.html

Mtcheeew, too much figures_give synopsis jare,some of us don't want to have anything to do with maths .... except when we count our money sha

Hmmmm....

Another reason for APC to complain ...meanwhile another four years for Buhari ?

buhari better make use of this opportunity.

Nigeria now has more money,

It's still better than the last four years, Venezuela will be uplifted a little, I wonder if the oil price would be felt in Nigeria

It will soon be all over!



Neighbor have you Atikulated!

God will help us under this govt

Does it mean our minimum wage will decrease too?lol.

Instead of maximizimg this little surge in oil price,the present government is engrossed in chronic borrowing thereby condemning Nigeria to financial indebtedness.

post=72008697:

Illiteracy and ignorance is not a disease........ it's something worse!

And what have he said wrongly Mr.Man?

Racoon:
And what have he said wrongly Mr.Man?

What has he said wrong is the right statement......

Please kindly edit it.
(We correct with love and dignity and not insult)

Do have a nice day!
God bless you Mr!

Let your reasoning not be clouded with tribal and religious sentiment, Buhari is not fit. His government is controlled by cabals.let's send him home. Health and age is not on his side.
@Buhari is not fit.

elganzar:
Mtcheeew, too much figures_give synopsis jare,some of us don't want to have anything to do with maths .... except when we count our money sha

Just dey pray make ur children no take maths homework disgrace u for house.

Good news to Nigeria. What an irony! Nigerians should be happy with the fall of oil price instead of happy.

Whether oil prices rise or fall, economic diversification is still the best option for oil producing countries.