Prices of oil at the international market dropped yesterday as the latest escalation in the Sino-US trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support. Brent crude futures had declined 27 cents, or 0.35 per cent, to $77.78 per barrel while US West Texas Intermediate (WTI) crude fell 32 cents, or 0.46 per cent, to $68.59 per barrel. US President Donald Trump on Monday said he would impose 10 per cent US tariffs on about $200 billion worth of Chinese imports. US Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks on the dispute, but thus far nothing has been scheduled. “The growing trade dispute has hurt trading sentiment. The impact on economic growth is slowly dripping in, which again hurts oil prices,” Wang Xiao, head of crude research at Guotai Junan Futures, said on Tuesday. But supporting crude futures were potential supply cuts from US sanctions on Iran. Sanctions affecting Iran’s petroleum sector will come into force from Nov. 4. Iranian crude oil export loadings have declined by 580,000 barrels per day in the past three months, Bank of America Merrill Lynch analysts said in a note to clients. Meanwhile, oil output from seven major US shale formations is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, the US Energy Information Administration said. Elsewhere, Russia’s energy minister, Alexander Novak, said on Monday that the country was ready to discuss cooperation with the United States to balance the oil market.

http://www.akelicious.net/2018/09/brent-crude-drops-to-7778pb-as-us-china.html

When two elephant fight, yu know the rest story.

This type of news doesn't move Nigeria government. They believe, loan facility is always available since their are still enough citizens to use as collateral. I just hope one day, someone won't wake to the news that a side of the country has been barricaded and citizens of that environment should be expecting a big ship which will come pack them to the go work in another country for some years so as to pay up Nigeria debts.

Cheap clean s6 edge. Check my signature.

Ok

Ok

Let them continue

This is getting heated

When will naira get to 140 na

How does it affect us the common man, it can only be good or bad news for politicians

Frankyboy1:
How does it affect us the common man, it can only be good or bad news for politicians

Succinctly put.

crude oil price dropped, gaskiani

Two elephants are fighting only grass will suffer after all.China's currency deals with the developing nations is one of the major factors of this trade war and US can watch its currency value lose strength against the third world nations' currencies and China take credit for this.What makes a nation superpower is more of economic than political strength.

US: A very vindictive country when others don't allow them have their way.

Hope this doesn't cause another recession in Nigeria Again because of Oil prices , Buhari will just die. USA and Policing the world. They are the real Zionist, once you are not jews. you are in for a long thing.



my 2cents.

Pabloosas:
Let them continue

yeah right

hmmm

Its well

Nawa o.

Naija should be selling all types of merchandise to both china and US. oh I forget; No light. No level.

US President Donald Trump on Monday said he would impose 10 per cent US tariffs on about $200 billion worth of Chinese imports.

Trump is hell bent on pursuing this counterproductive trade policy. China has come to stay as the next economic superpower and the earlier the US come to terms with this reality the better.

itiswellandwell:
This type of news doesn't move Nigeria government. They believe, loan facility is always available since their are still enough citizens to use as collateral. I just hope one day, someone won't wake to the news that a side of the country has been barricaded and citizens of that environment should be expecting a big ship which will come pack them to the go work in another country for some years so as to pay up Nigeria debts.

Cheap clean s6 edge. Check my signature.

honestly with the way FG is begging for loans up and down, they might just use the entire country as collateral to fund their vacation and allowances.

https://www.reuters.com/article/us-global-oil/oil-prices-edge-up-as-supply-concerns-outweigh-u-s-stockpile-gains-idUSKCN1LZ03E

FAKE NEWS

Frankyboy1:
How does it affect us the common man, it can only be good or bad news for politicians

Serous problem. .

itiswellandwell:
This type of news doesn't move Nigeria government. They believe, loan facility is always available since their are still enough citizens to use as collateral. I just hope one day, someone won't wake to the news that a side of the country has been barricaded and citizens of that environment should be expecting a big ship which will come pack them to the go work in another country for some years so as to pay up Nigeria debts.

Cheap clean s6 edge. Check my signature.

1. You are exxagerating.

2.Fact is, we need oil to be at $140 per barrel....to be in a position not to take loans.

3.The problem is not the loan taking...it is what we are taking the loans for. We should push government to take loans for trasport and power infrastructure....

4. We should also remove subsides. Currently we spend N65 per liter of fuel as subsidy. If we remove subsidy...we save trillions of naira...and we also get investment and job creation...even though there would be the hardship of N200-300 per liter fuel.

5.America owes trillions to China. Wonder why they are not going to be slaves to the Chinese....

6.Thing is....if we want to be free of debt....we have to end subsides, end our reliance on oil...and do the hardwork towads being an industrial nation. But the thing is...chaps like you don't want that. You want government to share the money...and you are only interested in the debt issue as a political weapon. Acutal nation building...you don't want. And there are many APC chaps like you.

frenzyduchess:
honestly with the way FG is begging for loans up and down, they might just use the entire country as collateral to fund their vacation and allowances.

OK....if we stopped taking loans today, we would be in an even worse state.

Fact is....unless oil goes up to $140 per barrel...our break even point...we will need to incurr debts.

Keep in mind that even GEJ borrowed...because even at $100 and above per barrel...it still was not enough.

theoldpretender:


OK....if we stopped taking loans today, we would be in an even worse state.

Fact is....unless oil goes up to $140 per barrel...our break even point...we will need to incurr debts.

Keep in mind that even GEJ borrowed...because even at $100 and above per barrel...it still was not enough.

you seem not to get the point, if you understood the last part of my statement then you will understand just how much in deep sh1t we are in this country.its like borrowing money to buy generator and also borrowing money every day to buy fuel.

The government is do lip service with "let's encourage local content" .In the end we enjoy the luxury of having a generator ,yet no vaible means to pay back the money borrowed to buy the gen nor any viable means to.fuel it either so we continue borrowing to fuel it. I hope you get the picture now.

theoldpretender:


1. You are exxagerating.

2.Fact is, we need oil to be at $140 per barrel....to be in a position not to take loans.

3.The problem is not the loan taking...it is what we are taking the loans for. We should push government to take loans for trasport and power infrastructure....

4. We should also remove subsides. Currently we spend N65 per liter of fuel as subsidy. If we remove subsidy...we save trillions of naira...and we also get investment and job creation...even though there would be the hardship of N200-300 per liter fuel.

5.America owes trillions to China. Wonder why they are not going to be slaves to the Chinese....

6.Thing is....if we want to be free of debt....we have to end subsides, end our reliance on oil...and do the hardwork towads being an industrial nation. But the thing is...chaps like you don't want that. You want government to share the money...and you are only interested in the debt issue as a political weapon. Acutal nation building...you don't want. And there are many APC chaps like you.

OMG I wish there is a dislike button, can't believe this dude is still support our useless and lifeless government

ybalogs:
Children nowadays don't even know that in our days you could be beaten for any of the following 40 reasons:

1. Crying after being beaten.
2. Not crying after being beaten.
3. Crying without being beaten.
4. Standing while the elders are seated.
5. Sitting while the elders are standing.
6. Walking around aimlessly where the elders are seated.
7. Replying back to an elder.
8. Not replying back to an elder.
9. Spending too much time without being beaten.
10. Singing after being admonished.
11. Not greeting visitors.
12. Eating food prepared for the visitors.
13. Crying to go with the visitors when the visitors are leaving.
14. Refusing to eat.
15. Coming back home after sunset.
16. Eating at the neighbour's home.
17. Generally being moody.
18. Generally being too excited.
19. Fighting with your age mate and losing.
20. Fighting with your age mate and winning.
21. Eating too slowly.
22. Eating too quickly.
23. Eating too much.
24. Not finishing your food.
25. Scraping your plate
26. Eating and talking
27. Talking and chewing
28. Sleeping while the elders had already woken up.
29. Looking at the visitors while they are eating.
30. Stumbling and falling when walking.
31. Looking at an elder eye ball to eye ball.
32. When an elder is talking to you and you blink your eye.
33. When an elder is talking to you and you stared without blinking.
34. When you look at an elder with a corner eye.
When an elder points at you.
35. When your mates were playing Street football and you joined them to play.
36. When your mates were playing and you were not playing with them.
37. When you don't wash your dish
38. When you don't wash your dish properly
39. When you break your dish
40. When you bite your nails.

Some of these reasons for beating a child may seem farfetched to children now, but they sure did give us some solid values, Some not effective but we learnt to be better parents now.

Irrelevant

frenzyduchess:
you seem not to get the point, if you understood the last part of my statement then you will understand just how much in deep sh1t we are in this country.its like borrowing money to buy generator and also borrowing money every day to buy fuel.

The government is do lip service with "let's encourage local content" .In the end we enjoy the luxury of having a generator ,yet no vaible means to pay back the money borrowed to buy the gen nor any viable means to.fuel it either so we continue borrowing to fuel it. I hope you get the picture now.

Well, you get it but....

1.We have to borrow money because we are an oil dependent country...and our economy is hooked up to the price of oil.

Since 2014...oil has dropepd from $130 per barrel to as low as $30 in 2016 and to $77 now. And as I said...we need it at $140 per barrel. I doubt we could have survived without taking loans.

The govt...could have said they won't take loans...and by now we would have had things like salaries not being paid for years.

2.We have viable means...all we need to do is cut subsides, cut corruption and spend only on things like power and public transport...then we can pay back our debts...in due time. But Nigerians...from the govt to the people like to live large...and like their cheap fuel.(Subsidy for fuel is an example of the waste you alluded to...YET...if we try to remove it there are protests. So...money continues to get poured down a bottomless pit.).

Long term...we become an industrial nation