₦airaland Forum

A petro-industrOil markets rose on Friday as strong seasonal demand from China outweighed weak consumer data from Japan, although analysts said that the slowing global economic outlook meant that oil prices would likely remain low for months to come.



While China's commercial crude oil stocks were virtually flat between July and August, refined fuel stocks sank 7.82 percent, implying strong demand due to two months of consecutive price cuts. Demand was also bolstered by the resumption of coastal fishing and the approaching harvest.
Globally traded Brent futures were at $48.54 per barrel at 0639 GMT, up 37 cents from their last close. U.S. West Texas Intermediate (WTI) futures were at $45.32 a barrel, up 41 cents.
Oil prices rose by over a quarter in late August after a slowing rig count and a reduction in U.S. crude stocks implied a tightening North American market.
Yet a global oversupply that analysts estimate around 2.5 million barrels per day, remains largely in place due to high production elsewhere, for instance in Russia and the Middle East, while demand is slowing, and oil prices have fallen back 10 percent since the beginning of September as the demand outlook has weakened along with economic growth.
Japan's core consumer prices marked the first annual drop since the central bank deployed its massive stimulus program over two years ago, casting further doubt on whether heavy money printing alone can accelerate inflation to its 2 percent target.

HSBC said that markets had focused too much on China's slowdown, warning that many developed economies were faltering.

"It turns out that developed market imports haven't been anywhere near as robust as relatively upbeat local demand data would suggest ... For all their recent swagger, developed markets are hardly firing on all cylinders. So, don't just blame China," the bank said on Friday.

ANZ bank said that "risks of further downgrades to emerging market economic growth will weigh on investor sentiment and keep any interest in commodities sidelined," adding that it expected WTI to fall by 10 percent within the next three months and Brent to drop 3 percent

Source:http://www.nairausd.com/2015/09/oil-prices-rise-as-firm-chinese.html?m=1

Twitter @nairausd

Ok!could that be good news?

Globally traded Brent futures were at $48.54 per barrel at 0639 GMT, up 37 cents from their last close. U.S. West Texas Intermediate (WTI) futures were at $45.32 a barrel, up 41 cents.

This is nothing to be excited about. Crude Oil prices are still lower than our budget benchmark of $53.

Nothing should distract or detract us from vigorously pursuing diversification of the economy. We cannot continue to allow our economy to be totally dependent on a single commodity, of which we are not even in control of the price.

Bevista:
This is nothing to be excited about. Crude Oil prices are still lower than our budget benchmark of $53.

Nothing should distract or detract us from vigorously pursuing diversification of the economy. We cannot allow our economy to be totally dependent on a single commodity, of which we are not in control of the price.

Should I say supported or love this

We have several underutilised resources that are being wasted by weather or stolen by expatriates. If we focused more on them fluctuations in our price will be the least of what concerns us

We should stop this oil nonsense already

https://www.nairaland.com/2623949/gloria-ibru-2face-fortified-best#38366631

Hmmmmm, Ifa hear

989900:
No need to panic, the oil oligarchs would fund a war somewhere soon.

I don't think it will happen this time around.

Did you know the Trillion of Kuwait currency that have lost by countries and companies.

Even the so called Oligarch will not displace their hard earn money.

My bro please be in touch of what is happening round the world.

Only few will want to sabotage any effort to see the rise of oil

989900:

Sorry, I didn't get your point.

What l am trying to point out is that. Almost everyone want to see the rise of oil.

Get it