Militants' activities force oil price to $51 per barrel
Supply disruptions caused by a string of attacks by the Niger Delta Avengers has brought Nigeria’s production to the lowest in 20 years.
Emmanuel Ibe Kachikwu
Recommended articles
![Nasir El-Rufai [The Africa Report]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Nasir El-Rufai [The Africa Report]")
Industry data had shown a larger-than-expected drop in US crude inventories on Tuesday, indicating an easing of the supply glut, and a weak dollar which also boosted prices.
Global benchmark Brent crude futures rose to the highest level since October 12, up 32 cents at $51.76 a barrel at early trading. It earlier touched $51.83 a barrel.
US crude futures climbed 20 cents to $50.56 a barrel, after reaching $50.67 earlier, also an eight-month high.
ADVERTISEMENT
“The market sentiment is positive; the trend and the momentum points to further gains,” said Carsten Fritsch, commodities analyst at Commerzbank.
On Tuesday, Ibe Kachikwu, minister of state for petroleum, said output had dropped to below 1.3m bpd from 2.2 million bpd at the start of the year.
At the same time, Chinese trade data showed on Wednesday that its May crude oil imports made the biggest year-on-year jump in more than six years.
This has added to hopes that the economy of the world’s second-largest oil user may be stabilising.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
El-Rufai tells Tinubu to drop appointees who fail to deliver
Fresh crisis in Kano as NNPP passes vote of no confidence on Gov Abba Yusuf
Kano APC nullifies Ganduje's suspension, vows to punish those behind it
'We regret it' - Enenche bows to pressure, apologises to lady accused of false testimony
FG says Nigeria will lead Africa in developing and regulating AI globally
Edwin Clark wants Tinubu to send brave soldiers to Sambisa to rescue Chibok girls
FG urged to review PIA as food shortage hits 25 million Nigerians
Governor Sule raises alarm over rising kidnappings, militia activities
Tension in Kano over Ganduje's suspension, arrest of Kwankwaso's crew demanded
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
Alex Iwobi makes Premier League history which Mikel, Yakubu, Kanu could not achieve
Like Michael Jordan - Details of Victor Osimhen’s ‘superhuman’ jump against Monza emerges
ADVERTISEMENT
