Global Oil Price Archives — City Business News

November 21, 2024 No Responses

NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts, the NNPC Ltd has officially unveiled its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market. It would be...

August 21, 2023 No Responses

Oil Prices Up As Global Supply Drop

Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high-interest rates. Reuter report that Brent crude climbed 75 cents to $85.55 a barrel...

June 1, 2023 No Responses

Oil Prices Dip Amid Weak Chinese Demand

Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in U.S. crude stocks, triggering fears of an oversupply amid signs of weaker Chinese demand. Reuters report that Brent crude...

May 12, 2023 No Responses

Oil Falls On Weak US, Chinese Data

Oil prices fell about two per cent to a one-week low on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world’s biggest oil consumer, while rising U.S. jobless claims and weak Chinese economic...

September 16, 2022 No Responses

Oil Dips On Weak Demand Fear, Strong Dollar

Oil prices drifted lower on Thursday as weak demand concerns over a large build in the crude inventory in the United States plus a strong dollar overtook potential supply disruption as the centre of focus, Reuters reported. The main Brent...

August 25, 2022 No Responses

Oil Prices Rise On Possible OPEC Supply Cuts

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Brent crude rose 59 cents, or 0.6%, to $101.81...

March 10, 2022 No Responses

Oil Prices Plunge As UAE Supports Supply Boost

Oil prices have plunged after the United Arab Emirates said it supported increasing production. Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec. ...

March 7, 2022 No Responses

Shell Defends Decision To Buy Russian Crude Oil

Shell has defended its decision to purchase Russian crude oil despite the invasion and bombardment of Ukraine. The oil giant said in a statement that the decision to purchase the fuel at a discounted price was “difficult”. It confirmed ...

February 5, 2022 No Responses

Oil Hits Seven-Year High

Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Reuters reports that Brent ...

January 19, 2022 No Responses

Oil Prices Hit Seven-Year High

The price of oil hit its highest level in more than seven years on Tuesday as traders worried that an attack on a fuel storage facility in the Middle East could affect supply. A suspected drone attack by Yemeni Houthi...

January 10, 2022 No Responses

Oil Prices Edge Up Over Supply Worries

Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections. Brent crude gained 16 cents, or 0.2%, at $81.91 a barrel at 0406 GMT, while U.S....

December 31, 2021 No Responses

Oil Heads For Biggest Yearly Gains In 12 Years

Prices of oil fell one per cent on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record...

December 6, 2021 No Responses

OPEC To Sustain Supply Adjustments For Oil Market

The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, Secretary-General, Mohammad Barkindo, declared at the weekend.“We will continue to do what we know best to ensure we attain stab...

December 2, 2021 No Responses

Oil Rises Ahead Of OPEC Meeting

Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.U.S. West Texas Intermediate (WTI) crude...