Wednesday, September 27, 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

Crude oil post gains but set to drop this week on fears of slowing global growth

by e-Naira Online News
May 13, 2022
in Capital Market
Reading Time: 2 mins read
A A
0
Home Capital Market
Share on FacebookShare on Twitter


Oil prices rose about 1.5% on Friday, but are due to lose ground for the first time in three weeks due to concerns about inflation and China’s COVID lockdown slowing global growth.

U.S. West Texas Intermediate (WTI) crude futures gained 1.3% to $107.5 a barrel in the early hours of Friday, while Brent crude futures increased by nearly 2%.

Brent and WTI, however, looked headed for declines for the week, with Brent down nearly 3% and WTI down 2%.

What you should know

The market is continuing to move in both directions as a European Union ban on Russian oil tightens supply and concerns about faltering global demand pushes and pulls.

  • Traders looked for some relief from China’s gloomy lockdown. The Chinese government continues to double down on its zero COVID policy, even with lower case counts.
  • The U.S. dollar has reached 20-year highs due to inflation and aggressive rate rises, which makes oil more expensive in foreign currencies due to the stronger dollar.
  • However, some experts are still concerned about the prospect of a ban on Russian oil by the European Union following sanctions imposed by Russia this week on European units of state-owned Gazprom and the halting of a key gas transit route by Ukraine.
  • Additionally, they expect a strengthening oil price as a result of escalating sanctions by Russia.
  • “Global oil production growth, combined with a slowdown in global demand for oil, are expected to help offset an acute supply shortage amid worsening Russian supply disruptions,” said an IEA report on Thursday.

According to the agency, Russia’s production could drop by nearly 3 million barrels per day (bpd) from July to September, or about three times more than it is currently displaced, if sanctions for its war with Ukraine are expanded or if further purchases are discouraged.

Related



Source link

Tags: crudeDropfearsGainsglobalgrowthoilPostSetslowingWeek
Previous Post

Bullish rally persists as gains in Presco, others lift index further by 0.2% | The Guardian Nigeria News

Next Post

FMBN explains reasons for inconsistencies in NHF accounts for subscribers

Related Posts

Presidential adviser urges Central Bank to reduce BDCs by 95%
Capital Market

Presidential adviser urges Central Bank to reduce BDCs by 95%

by e-Naira Online News
September 27, 2023
NGX RegCo releases code of conduct for trading license holders
Capital Market

NGX RegCo releases code of conduct for trading license holders

by e-Naira Online News
September 26, 2023
Naira regains strength as dollar demand moderates
Capital Market

Naira regains strength as dollar demand moderates

by e-Naira Online News
September 25, 2023
NGX removes BLS compliance indicator placed on Transcorp Hotels
Capital Market

NGX removes BLS compliance indicator placed on Transcorp Hotels

by e-Naira Online News
September 25, 2023
Naira loses 0.30% as FX trading resumes Monday
Capital Market

Naira loses 0.30% as FX trading resumes Monday

by e-Naira Online News
September 25, 2023
Next Post
FMBN explains reasons for inconsistencies in NHF accounts for subscribers

FMBN explains reasons for inconsistencies in NHF accounts for subscribers

Best performing Nigerian Exchange Traded Funds for first week in May 2022

Best performing Nigerian Exchange Traded Funds for first week in May 2022

Leave a Reply Cancel reply

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

  • Trending
  • Comments
  • Latest
Presidential adviser urges Central Bank to reduce BDCs by 95%

Presidential adviser urges Central Bank to reduce BDCs by 95%

September 27, 2023
Manufacturing performance indicators contracted by 1.4% in H1 — Business — The Guardian Nigeria News – Nigeria and World News

Manufacturing performance indicators contracted by 1.4% in H1 — Business — The Guardian Nigeria News – Nigeria and World News

September 27, 2023
How rate hikes, weaker naira hurt FMCG firms

How rate hikes, weaker naira hurt FMCG firms

September 27, 2023
NAFDAC, SON must sit up

NAFDAC, SON must sit up

September 27, 2023
When protocol clashes with tradition

When protocol clashes with tradition

September 26, 2023
We’ll provide enabling environment for business to thrive

We’ll provide enabling environment for business to thrive

September 26, 2023
Conoil, Oando, others drag down Nigeria’s capital market by N126bn

Conoil, Oando, others drag down Nigeria’s capital market by N126bn

September 26, 2023
Senate confirms Dr. Cardoso as CBN Governor 

Senate confirms Dr. Cardoso as CBN Governor 

September 26, 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.