₦airaland Forum

The oil price has gone above $40 a barrel for the first time this year as commodities continue to rally. Brent crude, used as an international benchmark, rose more than 5% to trade at $40.83 a barrel.

Oil dropped below $28 in January, but has since risen as part of a wider recovery in energy and metal prices.
The price of iron also shot up, rising 20% amid greater optimism about Chinese economic growth and demand for the metal in the country's refineries. The price of Brent crude has now gone up more than 40% from the low it reached in January, although it remains 70% below its peak in the summer of 2014.

The rise is being put down to talks taking place between oil-producing countries in an effort to curb production. No concrete agreements have been reached, but a number of key oil-producing nations are meeting in Moscow this month. Meanwhile, ratings agency Fitch said oil prices would remain at an average of $35 a barrel this year.

SUPPLY GLUT

Simon French, chief economist at Panmure Gordon, urged caution over the oil price increase, saying it might be short-lived. "A large part of the oil price movement in recent days has been short covering, where investors having taken a bet on low prices are insuring themselves against the risk of higher prices. Very little has changed in the oil market to correct the supply glut," he added.

Commodities in general had a strong upbeat day, with prices rising for iron ore, copper and aluminium. Iron ore rose 20%, its biggest increase in eight months, on expectations that China was cutting production. The slowing Chinese economy has led to a fall in demand for iron ore, which has partly led to a global glut. China is one of the biggest consumers of steel in the world.

Iron ore was trading at $63.74 a tonne, which is the highest since June 2015. The metal touched $38.30 in mid-December 2015. The price of copper has increased by 6.9% in 2016 and aluminium is up 5.3%.

Analysis: Andrew Walker, BBC Economics correspondent:

Does this rally in the price of crude oil have legs? There are reasons to suspect that it might not. Traders have certainly taken encouragement from the efforts among oil-producing countries to address the supply glut. There has been no concrete agreement, though Russia, Saudi Arabia and two others did say they would freeze production, provided others came on board.

A group of producer countries are meeting in Moscow later this month. Perhaps they will agree co-ordinated action. But Iran, emerging from sanctions, is unlikely to join in. And higher prices might bring some more oil back on stream from American shale producers who were previously hit by the fall in prices.

And then there's the question of demand for oil. If we had more bad news about the world economy, it would weigh on the price of crude oil.
Adam Laird of Hargreaves Lansdown said traders would wait and assess the situation. "Today's trading was extraordinary. Metal prices can be volatile, but it is rare to see price rises of this magnitude in any asset. It is a signal of markets' desperation." He said: "China is a major consumer of steel and prices are reacting to any hint of an uptick in demand. But in the context of the falls of the last few years, today's price is still low. " It was, he said, "too early to say if this is a true bounce".

SOURCE: http://www.bbc.com/news/business-35745110

The POWER of DI.CK, just imagine when we all 17 having constant 24hr access to DI.CK and PU.NNY, what will you have done?....LOL....Mshew. I don't think the girl is under any jazz, just a small girl that have tasted the forbidden fruit and seems to love it

Kudos to PMB

The IPOB wailers wil never see anything good in this, we know them, its in their blood.

Is that a real Porsche? or Aba made Porsche? because the look is something else, anyway, just observing

Rex123:
lol
you saw that too...
messed up educational system

How can she use I WERE, I cant really blame her because English is not our native language, but however, as the dean of a great university like OAU, she should be able to afford software like Grammarly, that simple check for little grammatical errors like that.

Nigerians want good thing but they don't wanna pay for it. Here in SA, anytime I make a deposit into my personal account from my same bank am charged R35 that's almost N500. For every withdrawal as well am charged R5 that's N65. The VAT here is 14% and am paying a tax of 25% on my monthly salary.

Nigeria has the lowest VAT of 5% in the world, yet we complain about everything. I pray people can be more enlightened, this a good policy considering the current economic situations.

Starttell:
The late Sergeant Stephen James, the drunk police officer who killed twin brothers, Taiwo and Kehinde Oyesolu as well as their friend, Adegoke Adesanya alias Jeje, and then shot himself in December, 2015, in the Ketu area of Lagos State, has been rejected even in death as his family is said to have abandoned the corpse of the killer cop is still lying at the mortuary of the Military Hospital, Yaba.

According to findings, no member of the family has come out to lay claim to the body as well as begin preparations for his burial.
It was gathered that even his widow who is also a policewoman attached to the Ogun State Police Command, has also distanced herself from the late officer who was said to be an habitual Indian hemp smoker, heavy drinker and drug addict while he was alive.
Recall that late Sergeant James had shot and killed the twin brothers, a Naval officer and an engineer, as well as their friend who was celebrating his birthday at the Paulson Hotel located on Anibaba Street, Ketu, before turning the gun on himself.

The incident that led to the multiple death, according to witnesses, happened when James who was said to be heavily drunk on that day, had gone to the hotel to order the men to buy him a bottle of beer but they reportedly told him he had had enough and should comport himself as an officer of the law.


The angry police reportedly went outside to wait for the young men, boasting he would kill people that day and true to his words, as the men came out of the hotel, James allegedly opened fire on them and after making sure they were dead, he turned the gun on himself.
Read More: "Tears Of A Mother: Woman whose twins were killed by drunk police cries out in pain"
The state Commissioner of Police, Fatai Owoseni, had, in th wake of the senseless killings, visited the family of the murdered twins where he commiserated with their 75-year-old mother, Madam Beatrice Oyesolu, and had categorically stated the family of the late James who was attached to the Mopol 22 of the State Command, will not get his entitlement as he was dismissed posthumously from the force.

What a wasted life...

Hello shoptomydoor, firstly this is my FIRST TIME and LAST TIME that I would be using your service, your service is too EXPENSIVE, imagine paying $100 to ship $100 valued items.

Anyway I wont go into details of how you calculate your shipping fees but this my last time, I wont make the mistake again, and there is also no option for OCEAN SHIPPING, then why the lies that someone can ship via OCEAN...smh.

Kindly consolidate my items that were split into three (3) shipments, I have paid for one (1) shipment today, and am still at a loss as to why they are being split against my wish and thereby bloating up my shipping costs.

Consolidate shipment #87100 and shipment #89175 so I can pay for it at once. UNIT NG23074

And some crazy IPOB youth were castigating her for buying a house in Abuja.....LOL. She would be thinking nah for BIAFRA capital I for buy am?....

Dindinrinjatijati....

Some wailer will come here and start shouting its APC

LOL

Harnny:
Not the version I heard in my area.... We need not be so quick to believe what we read.

Tell us the version you heard in your area. Thank you

Rubbish....So if I get PhD nah The Polytechnic I go carry am go.....#nonsense

The curse of Eva Carneiro seems to have engulfed Chelsea so far this season as their woes goes from bad to worse with their first choice goalkeeper Thibaut Courtois out with an injury that he sustained in the first training session after the international break. The Belgian international has suffered a knee injury while training with the Blues and is expected to be out for approximately two months from now.

Chelsea fans are claiming that Eva Carneiro had placed a curse on their side as they lost 3-1 to Southampton on Saturday.

FA cleared the Blues boss of any wrongdoing, much to the frustration of campaign group Women in Football among others after a 22 September where Mourinho has shouted on Eva Carneiro

Chelsea continue their bad run of the 2015/16 campaign and some of the fans are claiming on twitter that its all Eva Carneiro Voodo doll.

This finally resulted in the sack of Jose Mourinho "The Special One" on 17th December, 2015.


cc lalasticlala, seun

Chelsea Manager Jose Mourinho leave Club seven months after they won English Premier League title....


Details to follow shortly...

LOL

[size=24pt]Wayo election[/size]......

CHAI.....PDP really chop this country anyhow...Chineke

OZAOEKPE:
WHY IS IT IN ONLY THIS COUNTRY WE PERSECUTE OUR HEROES, ANYWAYS, PMB SHOULD FORGIVE THEM AND MOVE ON INSTEAD OF ALL THIS PROBES.............






DISCUSSING WITH A COLLEAGUE, PMB DOESNT HAVE ANY PLAN FOR THIS COUNTRY ECONOMICALLY. THE ECONOMY IS DYING, AND HE GOES ABOUT TALKING ABOUT CORRUPTION. HE SHOULD SPEAK ABOUT THE ECONOMY, HOW TO MAKE NAIRA STRONG................??

By their name you shall know them...OZAOEKPE

Definitely Yemi Alade

miqos02:
omo see wahala

@Miqos02, Thank for the laptop you sold to me last week. Despite not meeting you in person, I sent you the money and you post the laptop to the destination, I can't thank you enough, sincere businessman like you is very rare in this country, more grease to your elbow.

My sincere advice, is post pictures with what you advertising. Thats what makes customer to see and make enquires if they like it.

May God forgive all your sins, rest in peace my brother...

hinwazaka:
This is how they tried to kill Akpabio before he went for his trip abroad. This bast@rd we call our President has brought back the days of political assassinations. God will punish the 15 million Nigerians who thumbed us back to Egypt and pharoah.

God will punish you and your stupid month

chukwudi44:
shut up you hypocrite!!! where were you when Tambuwal defected to the minority APC and still retained his position as speaker!!! yes it is an awkward" scenario and there is nothing you can do about it other than to continue whining

Grandpa you don come, during the period Tambuwal defected to the APC. APC was definitely the majority at the House of Representatives then.

Bring out your facts....

All this wailers never seize to amaze me, during the inglorious administration of PDP for the past 16 years, did your hear or know any period they allow opposition to hold any sensitive position like the Deputy Senate President not even important committee chairman.

If not for the magnanimity of the APC, Ekweremadu a minority member, was allowed to continue as the DSP. All over the world there is NO legislative parliament where the minority presides over the majority, not even in the US. If any one of you wailers have example, quote me....Over to you WAILERS!

redsun:
One would have thought India education is more credible than Nigeria's,since they scholars are more productive than Nigeria's. How did you come to your conclusion?

Categorizing the class of degree doesn't erodes the credibility, to me in the case of Masters degree, it seriously add more values to it. I am of the opinion that instead of generally having 'PASS' or 'FAIL' for Masters degree, the degree should also be categorized like the undergraduate (1st class, 2nd class etc) to separate the boys from the men.

phron3:
Bro, You mean masters degree's got first class too?

Exactly bro, its very good, instead of having just PASS for everybody.

Also, in India education system, 'A' starts form 75, so if you have 74 it is still B; and anything below 50 is 'F' in that course. Therefore, its not that rosy as it seems. The category for masters degree really helps for people proceeding for their PhD.

In India:
75% and above - First Class with Distinction (Equiv. to First Class in Nigeria)
60% and above - First Class (Equiv. to Second Class Upper in Nigeria)
50% and above - Second Class (Equiv. to Second Class Lower in Nigeria)
Below 49.5% - Pass Class

In Nigeria, 55% in masters is the MPhil to PhD grade, above 75% in masters is directly to PhD with lots of scholarship opportunity even overseas.

infantrydoctor:
Except if ofcourse they have converted the grade but l know that first class in lndian education system is equivalent to nigerian second class upper division. Distinction is thesame as our firstclass.

You got it spot on bro. I also did my masters in India and graduated with First Class with Distinction which is equivalent to First Class in Nigeria. I am not making noise about this just to buttress your point that in India education system, First Class with Distinction is equivalent to First Class in Nigerian in the case of undergraduate and Distinction (above 75%) in case of masters. Ordinary first class (without distinction) in India is equivalent to Nigerian Second Class Upper.

They all deserve to go, they've chop enough. If Nigerians really know how much this top customs officers are making they won't pity them. Let them go and give room for others.