• 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 marketMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN gets new director of currency operations

      7 hrs

      Banking

      Q3’19: Banks’ NPLs moderate by N1.14trn

      22 hrs

      Finance

      Decline in FDI to persist in Nigeria, say experts

      23 hrs

      Banking

      Acess Bank donates to immigration service in Lagos

      December 5, 2019

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

      Inflation may rise in coming months – LCCI

      6 hrs

      South Africa

      On South Africa GDP contraction 

      December 4, 2019

      Foreign Investments

      Countries seen rejecting foreign investments for national security, says UNCTAD report

      December 3, 2019

      Frontpage

      US in another trade war, vows to impose 100% fine on French goods 

      December 3, 2019

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Energy

      OPEC, allies cut oil output by 1.7mbpd

      22 hrs

      Frontpage

      US becomes net crude oil exporter, first time ever

      22 hrs

      Energy

      OPEC tackles energy poverty in Africa as oil nations convene in Vienna

      December 5, 2019

      FG to take over Yola Disco with N27bn

      December 5, 2019

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analysis

      Nigeria’s resilience against global risks

      December 3, 2019

      Analysis

      Getting the Board on board GRC implementation

      December 3, 2019

      Analysis

      How much money do you need?

      December 3, 2019

      Analysis

      On statement of changes in equity

      December 3, 2019

Frontpage

Oil extends losses, set for worst week in six months

May 23, 2019161 views0 comments

Oil prices dropped on Thursday, extending falls from the previous session as trade tensions dampened the demand outlook, putting the main benchmarks on course for their biggest daily and weekly falls in six months.
World shares were deep in the red as concerns grew the China-U.S. trade conflict was fast turning into a technology cold war between the world’s two largest economies.
Brent crude futures, the international benchmark, fell to a session low of $68.35 per barrel, trading down $2.50 at $68.49 by 1343 GMT.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures were down by $2.56 cents at $58.86 per barrel, after falling 2.5% the previous day.
U.S. crude oil inventories rose last week, hitting their highest levels since July 2017, the government’s Energy Information Administration said on Wednesday, while industry data had also shown a surge in U.S. crude stockpiles.
Commercial U.S. crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, the EIA data showed. [EIA/S]
“The headlines figures are depressing enough and scratching the surface does not paint a rosier picture either,” PVM’s Tamas Varga said in a note.
“The prevalent optimism for a tighter global market and higher oil prices will now only be vindicated when U.S. oil inventories start drawing.”
Beyond weak refinery demand for feedstock crude oil, the increase also came on the back of planned sales of U.S. strategic petroleum reserves (SPR) into the commercial market.
Also bearish is the ongoing trade war between the United States and China, which is clouding economic growth, and with that, oil demand predictions as well.
The U.S. military said it sent two Navy ships through the Taiwan Strait on Wednesday, angering China.
Countering these bearish factors are ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place beyond their current end-June deadline.
“Oil prices have been trapped in the past month between fears about weaker demand and softer supply,” financial advisory firm Oxford Economics said in a report on Thursday.
“We still expect the oil market to be in deficit both this year and next, but our oil price forecast is revised down slightly to $71 per barrel for 2019 (from $72 previously) and $68 per barrel in 2020 (from $70).”

About Post Author

<a href="https://www.businessamlive.com/byline/businessam-staff/" rel="tag">Businessam Staff</a>

See author's posts

Related posts:

N675bn bribes paid to Nigerian public officials in 2019 – Report
Inflation may rise in coming months - LCCI
T-bills: FG to pay investors N847.43bn in Q1 2020
External reserves drop by $4.9bn in nine months
Vodafone failed to invest in Nigeria despite Obasanjo's backing, says El-Rufai
US becomes net crude oil exporter, first time ever
How Nigeria can meet 4% annual trade growth, by Iheanacho
OPEC tackles energy poverty in Africa as oil nations convene in Vienna
Investors scared of Nigeria, says Utomi
Moody’s changes Nigeria’s ratings from stable to negative
Share on Facebook Tweet Email
PreviousU.S., China exchange barbs over Huawei as trade tensions flare
NextCross River’s governor aims to grow state’s economy to N9.6trn by 2023, launches 30-year growth, development roadmap

Leave a comment

- Cancel reply

MARKET DATA

Recent Posts

  • N675bn bribes paid to Nigerian public officials in 2019 – Report
  • OMSL denies involvement in alleged attack of NPA MD by hoodlums
  • Exhibitors over subscribe to Zenith Bank’s 2019 Lifestyle Fair
  • Inflation may rise in coming months – LCCI
  • CBN gets new director of currency operations

World

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

Ethiopia considers sale of minority stakes in telecoms, airline to foreign investors

Africa

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

Frontpage posts

0

NPA chief seeks to decongest Lagos through increased usage of eastern ports

Frontpage March 24, 2018

1
2

Telecom firms get five days to stop illegal deductions

Frontpage November 6, 2019

3

U.S. airline Republic Airways to buy 100 Embraer SA jets

Frontpage July 18, 2018

4

298 competitive bids in July, shows growing thirst for bonds-DMO

Frontpage July 26, 2019

5

Beware of fraudulent loan offers, CBN warns Nigerians

Frontpage August 26, 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.