• 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

      8 hrs

      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
      Frontpage

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

      7 hrs

      Finance

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

      8 hrs

      WORLD BUSINESS & ECONOMY

      AfDB signs investment partnership with EIB to fast track development in Africa

      9 hrs

      Insurance Business

      Post-Covid-19: AXA invents novel ‘smart working strategy’

      January 20, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

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

      9 hrs

      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

      Frontpage

      Nigeria aims for cost efficiency, safety, value in oil sector with centre of excellence

      January 19, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • 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

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

Frontpage

Crude oil prices hover near 1-week lows in cautious trade

March 1, 2018970 views0 comments

Crude oil prices were hovering near one-week lows on Thursday, as investors remained cautious due to sustained U.S. dollar strength and following news of an increase in U.S. stockpiles last week.

The U.S. West Texas Intermediate Crude Oil WTI Futures April contract was up 10 cents or about 0.21% at $61.74 a barrel by 07:35 am GMT, just off Wednesday’s one-week lows of $61.37.

Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London edged up 16 cents or about 0.25% to $64.88 a barrel, after hitting a one-week trough of $64.50 in the previous session.

Oil prices were hit after the U.S. Energy Information Administration reported on Wednesday that crude oil inventories rose by 3.019 million barrels for the week ended Feb. 23, exceeding expectations for a rise of 2.4 million barrels.

Read Also:

  • Cautious equities trading see gains in Flour Mills, Mobil, Wapco push…
  • Nigeria’s railway e-ticketing platform launch set for next week
  • NNPC receives $120.49m crude oil receipt in September  
  • Copper, aluminium prices mixed on LME, SHFE

The report also showed that gasoline inventories rose by 2.483 million barrels, confounding expectations for a decline of 190,000 barrels.

The massive build in gasoline stockpiles garnered most of the attention as some market participants had expected that a slowdown in refinery activity – as refiners enter a period of maintenance – would lead to fall in gasoline supplies.

The data came a day after the American Petroleum Institute reported a 933,000 barrels increase in last week’s crude oil stockpiles, albeit less than the expected increase of 2.7 million barrels.

Fears that rising U.S. output could dampen global efforts to rid the market of excess supplies have systematically limited oil prices’ gains recently.

The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.

The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

Oil prices were also under pressure as expectations for more aggressive rate hikes by the Federal Reserve this year pushed the U.S. dollar higher.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at a six-week high of 90.63.

A stronger greenback often weighs on prices for dollar-denominated commodities.

Elsewhere, gasoline futures were up 0.10% at $1.929 a gallon, while natural gas futures slid 0.30% to $2.659 per million British thermal units.

Share on Facebook Tweet Email
TagsCrude oil Oil prices OPEC
PreviousGlobal shares mixed as China recovers from Wall Street drag
NextBitcoin edges lower as US financial regulator launches cryptocurrency market probe

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Nigeria equities go bearish on selloffs in DangCem, AXA Mansard, UBA
  • Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses
  • Morrison Industries taps Oladejo, business consultant, as MD to drive expansion plans
  • Experts canvass exposing farmers to Agri-Insurance to minimize economic losses in sector
  • Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

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

Coronavirus pushes oil to fifth consecutive weekly drop

Frontpage February 7, 2020

1
2

Barkindo says oil prices rising on perceived supply shortages amid OPEC’s revised oil demand forecast

Frontpage October 12, 2018

3

World’s top 100 banks saw 28% fall off market value in Q3 ’20

Frontpage November 18, 2020

4

IMF sees domestic revenue mobilisation major policy challenge for Nigeria, sub-Sahara Africa

Frontpage May 22, 2018

5

Senate postpones 2019 budget till Tuesday

Frontpage April 24, 2019

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.