Thursday, February 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Brent reclaims $120 after Saudi Arabia hikes crude prices for July 2022

by e-Naira Online News
June 6, 2022
in Capital Market
Reading Time: 2 mins read
A A
0
Home Capital Market
Share on FacebookShare on Twitter


The black liquid has started the new week on a bullish note, with the global benchmark, the Brent, pushing above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signalling tight supply even after OPEC+ agreed to accelerate output increases over the next two months.

Brent crude is up 0.80%, currently trading at $120.63 a barrel, after touching an intraday high of $121.95, extending a 1.8% gain from Friday. The U.S. benchmark, the West Texas Intermediate (WTI) crude futures is also up 0.8%, currently trading $119.80 a barrel after earlier hitting a three-month high of $120.99. It gained 1.7% on Friday.

Saudi Arabia raised the official selling price (OSP) for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, from a $4.40 premium in June, state oil producer Aramco said on Sunday.

Read: Saudi Arabia is no longer an oil-producing country – Prince Abdulaziz bin Salman

What you should know

  • The July OSP is the highest since May when prices hit all-time highs due to worries of disruption in supplies from Russia amid sanctions over its invasion of Ukraine.
  • The price hike came despite a decision last week by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to increase output in July and August by 648,000 barrels per day, or 50% more than previously planned.
  • Iraq said on Friday it plans to raise output to 4.58 million bpd in July.
  • Avtar Sandu, manager of commodities at Phillip Futures in Singapore explained that Oil producers are “making hay while the sun shines,” adding that U.S. summer driving demand and easing of COVID-19 lockdowns in China are expected to keep prices high.
  • The OPEC+ move to bring forward output hikes is widely seen as unlikely to meet demand as the increased allocation is spread across all members, including Russia that is facing sanctions.
  • Commonwealth Bank analyst Vivek Dhar explained in a note that, “While that increase is sorely needed, it falls short of demand growth expectations, especially with the EU’s partial ban on Russian oil imports also factored in.”

Read: The Saudi Royal Family is worth over $1.4 trillion, here are 5 amazing facts about  them

Separately, Italy’s Eni and Spain’s Repsol could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, five people familiar with the matter told Reuters, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela. However, the volume that the companies will receive is not expected to be large, the people said.

Related



Source link

Tags: ArabiaBrentcrudehikesJulypricesreclaimsSaudi
Previous Post

Real Estate Firms Call For Renew Profession Sustainability

Next Post

Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs – Regulation Bitcoin News

Related Posts

Capital Market

Seplat, Nahco, others cause market’s positive start to February

by e-Naira Online News
February 1, 2023
Capital Market

NGX closes positive as investors gain N142 billion

by e-Naira Online News
February 1, 2023
Capital Market

NGX closes January positive with N44 billion gains — Business — The Guardian Nigeria News – Nigeria and World News

by e-Naira Online News
February 1, 2023
Capital Market

Bourse closes bullish with market cap up N44m – Businessamlive

by e-Naira Online News
January 31, 2023
Capital Market

International Organization of Securities Commissions revises its 2011 principles 

by e-Naira Online News
January 31, 2023
Next Post

Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs – Regulation Bitcoin News

Threat to shareholders’ dividend, others place Union Bank, UAC Nigeria, GTCO on stocks-to-watch list this week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

NIMASA plots CVFF disbursement strategy with banks — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

NGX CEO says to strengthen partnerships, digital transformation, sustainability

January 26, 2023

CAP full year PBT rises by 79% to N3.1bn

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

January 27, 2023

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

February 2, 2023

Tinubu distancing self from APC’s failure —Atiku’s aide

February 2, 2023

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

February 2, 2023

Nigerian universities and the noise of advancing ideas

February 2, 2023

Moody’s downgrades Nigerian banks’ rating

February 1, 2023

8 Black Financial Influencers You Ought to Follow

February 1, 2023

Despite deadline extension, crowds besiege banks amid scarcity of new notes

February 1, 2023

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

February 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.