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Nairaland Forum / Nairaland / General / Business / Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions (9463 Views)
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Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by sophsia62: 3:06am On Apr 12, 2018 |
The price of crude oil Wednesday rose to $72 per barrel, its highest in more than three years, after Saudi Arabia said it intercepted missiles over Riyadh, worsening tensions in the Middle East. Also comments by the U.S. President Donald Trump, who Wednesday warned Russia that missiles “will be coming,” in Syria after a suspected chemical attack, also affected the global oil market. Reuters reported that the fallout from new U.S. sanctions on Moscow have rattled investors and fears of military action were stoked after one of Russia’s ambassadors reiterated it would shoot down any U.S. missiles fired at Syria. Trump, who has criticised Russia for standing by Syrian President Bashar al-Assad, shot back in a message on Twitter early Wednesday. “Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and ‘smart!’,” he wrote in the post. “You shouldn’t be partners with a Gas Killing Animal who kills his people and enjoys it!” he added. With the markets reacting, oil prices rose to their highest in more than three years after Trump’s latest comments. U.S. West Texas Intermediate (WTI) crude rose 2.43 per cent to $67.10 per barrel while Brent closed at $72.50, up 2.06 per cent on the day. Crude oil prices began to climb on Trump’s warning over Syria, then rallied further on a report that Saudi Arabia’s air defence forces intercepted a missile over the capital Riyadh. The prices last Friday suffered their worst weekly decline in two months after they followed plummeting equity markets amid growing fears of a trade war between the U.S. and China, the world’s two largest economies. But on Monday, oil tracked global stock prices higher on signs over the weekend that the Trump administration might be softening its stance in the trade spat with China. However, remarks from China’s foreign ministry and a tweet from Trump have suggested that the dispute could easily heat up again. Oil prices on Tuesday hit over $70 as the trade war between the U.S. and China appeared to ease. The price had on January 25, 2018 hit $71, its highest since December 2014. After falling from an all-time high of $147 per barrel in July 2008, Brent crude price had hit a peak of $115 per barrel in June 2014 before excess inventory in the oil market forced the price down to $27 per barrel in February 2016. WTI also reached a peak of $105 per barrel in June 2014 before the sharp drop in oil prices. However, a production cuts pact between the OPEC, Russia and other producers has given strong tailwind to oil prices. OPEC’s main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market. OPEC, together with Russia and a group of other producers, last November extended the output cuts to cover all of 2018. The current deal, under which OPEC and non-OPEC producers are cutting supply by about 1.8 million barrels per day, expires in March 2018. OPEC is cutting output by even more than it promised and the restraint is reducing oil stocks globally, a trend most visible in the U.S., the world’s largest and most transparent oil market. http://www.akelicious.net/2018/04/crude-oil-hits-72-highest-in-three.html 1 Like
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Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Throwback: 3:10am On Apr 12, 2018 |
When this new oil windfall will come, I pray an ineffectual buffoon will be nowhere near the Nigerian presidency. 18 Likes 3 Shares |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by sincerlyyo(m): 5:49am On Apr 12, 2018 |
Buhari has made PMS available and the price stable despite the increase in international prices , let us give him kudos. Remember Obj and Jona were just increasing it anyhow. 17 Likes 2 Shares |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by EazyMoh(m): 6:06am On Apr 12, 2018 |
Hnmmm politicians will be thinking of only one thing. more Funding their 2019 campaigns. 4 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Promismike(m): 7:17am On Apr 12, 2018 |
Even if crude oil hit 1000 dollar per barel. The dullard will still have excuses to give. A dullard is a dullard. An imbeci!e knows not what taking responsibilities are. A leopard can't change its spots. Just as an imbeci!e can't take responsibilities or think straight. 43 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Tunasco4u(m): 7:18am On Apr 12, 2018 |
Ok |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by gurunlocker: 7:19am On Apr 12, 2018 |
If it hit $150, this government will still blame and complain... 35 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Nobody: 7:19am On Apr 12, 2018 |
Brace up for fuel crisis.... thank you GEJ you sure made us blind to a lot of facts 7 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Zico5(m): 7:19am On Apr 12, 2018 |
Over 70dollars and this useless government is still complaining and on blame game. Obasanjo and IBB are very right. I don't think nothing can change even if the oil is sold for 200dollars. I pity many of us that toiled day and night to vote this useless government into power. I am still searching for one completed project under this government despite this high in price of petrol products which also reduced the money for subsidizing petrol products. What are they doing with the money being accrued on daily basis. I don't get this country again o. 12 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by chardino(m): 7:20am On Apr 12, 2018 |
Good job |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Nobody: 7:20am On Apr 12, 2018 |
sincerlyyo: Please dont discuss buhari with fuel issues... they are directly opposite.. what stable price, people still buy at exorbitant prices outside core areas. 27 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by sotall(m): 7:20am On Apr 12, 2018 |
This wouldn't stop the blaming by APC 2 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by fennels007(m): 7:21am On Apr 12, 2018 |
sincerlyyo: Fo0l From 87 Naira to 145 naira is good for you. 38 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by fiercehillz(m): 7:22am On Apr 12, 2018 |
APC will be silent about this...they always want excuses for their poor performance. #backtodaura2019 10 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by sonofthunder: 7:23am On Apr 12, 2018 |
nice one here... |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by ibkgab001: 7:23am On Apr 12, 2018 |
So will that make Aregbesola pay our complete salary or finished all his abandoned road projects 1 Like |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Promismike(m): 7:23am On Apr 12, 2018 |
sincerlyyo:You sound as dumb as Buhari himself. Who has the highest percentage of increase in PMS prices in the history of Nigeria? Just one increase is up to 100%. Which has never happened in the history of Nigeria. 18 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Nobody: 7:25am On Apr 12, 2018 |
sincerlyyo:gerahere 14 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by ibkgab001: 7:25am On Apr 12, 2018 |
sincerlyyo: You are opposite of your username ... Buhari who promised us 40 naira per litre and increased to 145 , so what kudos do you want us to give to the lier from the pit of hell 24 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by LotannaAnaekwe: 7:26am On Apr 12, 2018 |
Please more missiles to the Middle East terrorists. We need the increase. 2 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Nobody: 7:26am On Apr 12, 2018 |
gurunlocker:olodo. If cost of raw material increases should price not increase too 2 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by PapaBrowne(m): 7:27am On Apr 12, 2018 |
Hmmm |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by nzube89(m): 7:27am On Apr 12, 2018 |
Good one |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by GavelSlam: 7:32am On Apr 12, 2018 |
fennels007: How much did PDP meet the price of petrol? 2 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by jerryunit48: 7:33am On Apr 12, 2018 |
Since they said PDP did not save at that time hope they will learn now |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by chiscodedon(m): 7:35am On Apr 12, 2018 |
Still the most dullard man ever liveth will keep using it as excuse to his failure.... Since the increase, no positive signs 2 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by deepwater(f): 7:36am On Apr 12, 2018 |
Kai |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Charles478: 7:37am On Apr 12, 2018 |
Esseite:Increase in crude oil price means increase in fuel Price, the only thing that reduce fuel Price is refining locally. 3 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Charles478: 7:38am On Apr 12, 2018 |
chiscodedon:And when did this increase happened. 4 Likes 1 Share |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by Nobody: 7:45am On Apr 12, 2018 |
Charles478: Oh.. thought this admin didnt know that when they keep blaming previous govt. 2 Likes |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by princemillla(m): 7:46am On Apr 12, 2018 |
This is heading somewhere 1 Like |
Re: Crude Oil Hits $72, Highest In Three Years Over Middle East Tensions by SalamRushdie: 7:47am On Apr 12, 2018 |
Buhari will say it has not reached 100 dollars so he can't perform 3 Likes |
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