Oil Dips On Weak Demand Fear, Strong Dollar

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...
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Oil Slides More Than $7 On Inflation, Iraq Exports

Oil Slides More Than $7 On Inflation, Iraq Exports

Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent...
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Oil Prices Rise On Possible OPEC Supply Cuts

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...
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Oil Prices Tumble As China Economy Stutters 

Oil Prices Tumble As China Economy Stutters 

Oil prices slumped nearly five percent Monday on data showing China’s economic recovery stuttering under Covid-19 restrictions and a slumping property sector. Stock markets mostly steadied and the dollar traded mixed as investors welcome signs of cooling US ...
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Nigeria’s Crude Oil Production Averaged 1.238m bpd In June

Nigeria’s Crude Oil Production Averaged 1.238m bpd In June

Nigeria’s crude oil production increased to an average of 1.238 million barrels per day (bpd) in June 2022, the Organisation of the Petroleum Exporting Countries (OPEC) has said  OPEC made this known in its Oil Market Report for July 2022...
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Oil Tumbles On Global Economic Worries

Oil Tumbles On Global Economic Worries

Oil prices tumbling more than 1% on Tuesday, extending the previous day’s steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.  Reu...
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Ibom Air Will Not Withdraw Flight Services, Says CEO  

Ibom Air Will Not Withdraw Flight Services, Says CEO  

Ibom Air is not taking part in the proposed withdrawal of flight services as announced by Airline Operators of Nigeria (AON).  AON had hinged its resolve to shut down domestic flights on the increase in the price of aviation fuel.  In...
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Oil Edges Up On Supply Jitters

Oil Edges Up On Supply Jitters

Oil prices edged up on Thursday on supply worries after the European Union (EU) laid out plans for new sanctions against Russia including an embargo on crude.  Reuters report that pressure from a stronger dollar and a drop in global...
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US Orders Release Of Oil Reserves 

US Orders Release Of Oil Reserves 

US President Joe Biden has ordered a major release of oil from America’s reserves in an effort to bring down high fuel costs.  The release of up to 180m barrels of oil over six months is the largest since the...
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Why India Is Buying More Russian Oil 

Why India Is Buying More Russian Oil 

(BBC) Russia is seeking new markets for its oil exports as Western sanctions tighten – and India has been taking advantage of discounted prices to ramp up imports from the country.  The US has said that although these oil imports...
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Japan Presses UAE To Pump More Oil 

Japan Presses UAE To Pump More Oil 

Japan on Sunday urged the United Arab Emirates to pump more oil to calm markets rocked by Russia’s invasion of Ukraine, the latest major consumer to lobby Gulf producers.The plea by Japan’s Foreign Minister Yoshimasa Hayashi came during m...
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Oil Prices Plunge As UAE Supports Supply Boost 

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. ...
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Oil Price Soars To Highest Level In 14 Years

Oil Price Soars To Highest Level In 14 Years

Oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies.  Brent crude – the global oil benchmark – spiked to above $139 a barrel,...
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Oil Surge Rattles Markets As Ukraine Conflict Intensifies 

Oil Surge Rattles Markets As Ukraine Conflict Intensifies 

Oil prices soared again on Thursday as the Ukraine war triggered a dash for commodities that could be in short supply, while stock markets slipped as investors worried about higher inflation and slowing economic growth.  Brent crude oil rose more...
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