Energy
Oil price soars amidst expectation of April meeting
Oil hit a 12 year low of $27.50 per barrel on January 20, when bearish sentiment gripped the world’s over-supplied markets.
OPEC secretary-general Abdalla El-Badri said in Vienna that about 15 or 16 nations will attend discussions on output caps in Doha on April 17, but could not know whether Iran will join, according to Bloomberg
El-Badri also said he hopes that prices have hopes that prices have “bottomed”, adding that he expects crude to enjoy a moderate bounce rather than reach high levels
ALSO SEE: Pressure on naira to recede as oil price improves
Brent crude hit $41.73 in Tuesday March 22 trading, as speculation over an imminent supply freeze led by giant producer Saudi Arabia grew after months of diplomatic talks
At around 0400 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May, a new contract was five cents down at $41.47. Brent for May dropped seven cents to $41.47.
Oil price has remained above $41 a barrel as the Organization of Petroleum Exporting Countries, OPEC, raised hopes of a moderate rebound from a meeting of key producers in Qatar in April
-
Business1 week agoDangote Refinery IPO: 70% Subscription claim meets fourfold demand assertion as investors seek clarity
-
Featured4 days agoInside INEC’s race to prepare for Nigeria’s 2027 elections
-
Latest7 days agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Featured4 days ago2027: APC unveils nationwide campaign timetable, Tinubu to rally in 12 states
-
Business6 days agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September
-
Aviation1 week agoGermany opens online application route for student, EU Blue Card and other long-stay visas
-
Business5 days agoPresident Tinubu and the Low Transport Fares Fiasco
-
Business4 days agoCourt dismisses ₦170m Trade Fair contract claim, says Zenith Bank was not a party