• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

      Finance

      Amidst N32.22trn public debt, analysts say Nigeria’s external debt service manageable

      January 19, 2021

      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Markets

      Nairobi Stock Exchange pushes expansion plans with more listings in 2021, says CEO

      January 23, 2021

      Africa Investment Forum

      Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina

      January 22, 2021

      Frontpage

      Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses

      January 21, 2021

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Companies

      Appeal Court suspends order against shutting of SEPLAT headoffice

      January 23, 2021

      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      January 21, 2021

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

      Companies

      TIPP Oil, German lubricant maker, targets 2021 Nigeria launch with eco-friendly scheme  

      January 19, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Misconstruing Data Protection Officer function within organisations

      19 hrs

      Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

Frontpage Oil and Gas

Continuous fall in oil prices sparks concern in global energy market

February 27, 2020657 views0 comments

By Kenneth Afor
This week’s report of a fresh threat on coronavirus outside China is giving a lot of concern in the global energy market as oil prices fell two percent Thursday for fifth consecutive days, the lowest since January.
The continuous spread of the virus in some large economies may trigger an unprecedented fall in global demand for crude by 60,000 barrel per day, according to market observers.
London Brent crude was down by two percent at $1.06 for $52.37 per barrel. West Texas Intermediate (WTI) futures fell by two percent at 97 cents for$47.76 per barrel.
According to Tamas Varga, an analyst at PVM Oil Associates, the World Health Organisation (WHO) could be pushed to declare the virus pandemic due to fall in prices of oil, adding that there is no hope for a rebound in the price for now.
“The negative price impact would intensify if the coronavirus were declared pandemic by the World Health Organization, something that looks imminent.
“The mood is gloomy and the end of the tunnel is not in sight – there is no light ahead just darkness. Not even a refreshingly positive weekly US oil report was able to lend price support,” said Varga.
Also, according to Energy Information Administration (EIA), US crude oil stockpiles increased by 452,000 barrels to 443.3 million barrels while gasoline dropped by 2.7 million to 256.4 million this week. Distillate inventories had a shortfall by 2.1 million barrels to 138.5 million.
Oil marketers are expecting a possible cut in production output when members of the Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPPEC+) meet IN Vienna on March 5-6.

Read Also:

  • Sustainable energy: Minister estimates solution to cost Nigeria $4bn in…
  • Copper, aluminium prices mixed on LME, SHFE
  • Access Bank unfolds ambitious expansion into Africa, global markets…
  • Africa opens world’s largest single market (4)
  • Naira down N3 at N475/$1 in street trading as T-Bills market put up…
Share on Facebook Tweet Email
PreviousDangote Cement plans exports from Congo as Nigeria’s border closure hinders operations
NextWe can no longer invest in customer metering – Ikeja Electric

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Will Parler Prevail in Its Antitrust Case Against Amazon?
  • Why Universal Basic Income Should Be President Biden’s Top Priority
  • Safety and customer experience in aviation
  • CBN’s 300,000MT: A drop in ocean of Nigeria’s maize crisis
  • Will 2020 Be Seen as the Year of the SPAC Bubble?

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

NSE transactions maintain positive outlook, indices up by 1.07 per cent

Frontpage May 23, 2019

1
2

Losses on equities moderate as investors recoup N375bn

Equities May 6, 2020

3

Nigeria to redeem N762.5bn T-bills with planned $2.5bn Eurobond sale

Frontpage February 7, 2018

4

Brent, WTI hold gains as markets tighten amid signs of strong oil demand, Iran sanction

Frontpage May 15, 2018

5

Rising cost of outright purchases sees Nigeria mortgaged households growing 287% to 38.9m in 2030

Frontpage August 16, 2017

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.