News Top Stories

Oil prices hit 11-month high, trade for $67.23 per barrel

O for a fourth straight session to hit $67.23 per barrel, the highest level in more than 11 months. This was underpinned by monetary easing policies and lower crude production in the United States. While this signalled a surge in revenue for Nigeria, it indicated a higher price for petroleum products in the country for the month of March.

The country depends largely on proceeds from crude oil to service over 80 per cent of its budget pegged at $45 per barrel price in the 2021 budget. Brent crude futures for April gained 19 cents, 0.3 per cent, to $67.23 a barrel by 0400 GMT, while U.S.

West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1 per cent. Both contracts touched their highest since January earlier in the session with Brent at $67.44 and WTI at $63.67. An assurance from the U.S. Federal Reserve that interest rates would stay low for a while boosted investors’ risk appetite and global financial markets. “Comments from Fed Chairman, Jerome Powell, earlier in the week relating to the need for monetary policy to remain accommodative have probably helped, but sentiment in the oil market has also become more bullish, with expectations for a tightening oil balance,” ING analysts said in a note.

A rare winter storm in Texas has caused U.S. crude production to drop by more than 10 per cent, or one million barrels per day (bpd) last week, the Energy Information Administration said. Fuel supplies in the world’s largest oil consumer could also tighten as its refinery crude inputs had dropped to the lowes since September 2008.

The Organization of Petroleum Exporting Countries (OPEC) and their allies, including Russia, a group known as OPEC+, is due to meet on March 4. The group will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic. Extra voluntary cuts by Saudi Arabia in February and March have tightened global supplies an


Abuja Man reveals (FREE) secret Fruits that Increased his Manh00d size and Lasting Power in 5days…


%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica