Crude oil price Wednesday hit a two-week high above $74 per barrel as an industry report showing a sharp drop in United States crude inventories and the country’s sanctions on Iran pointed to tighter supplies.

While the global benchmark, Brent crude, rose $1.38 to $74.19, the highest since August 8, the United States crude gained $1.28 to $67.12 per barrel.


According to Reuters, the American Petroleum Institute reported US crude stocks fell last week by 5.2 million barrels, more than three times the decline analysts expected.

Oil also found support from a weak dollar, which has slipped this week in response to US President Donald Trump’s comment that he was “not thrilled” by the Federal Reserve’s interest rate increases.

A weaker dollar makes oil less expensive for buyers using other currencies.

The prospect of a drop in oil exports from Iran, the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), in response to new US sanctions was also supporting the market.

European oil companies have started to cut back on Iranian purchases, although Chinese buyers are shifting their cargoes to Iranian-owned vessels to keep supplies flowing.

Iran has warned that it would hit US and Israeli targets if it were attacked by the US after Trump’s security adviser said Washington would exert maximum pressure on Tehran going beyond economic sanctions.

OPEC has started to boost supplies following a deal with Russia and other allies in June, although producers have been cautious so far.

Saudi Arabia told OPEC it cut supply in July, rather than increasing output as expected.

Signs of tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the United States and China, the world’s two largest economies.

US and Chinese officials were set to resume talks Wednesday, but Trump said he expected there would be no real progress

Meanwhile, the US crude stocks fell last week, while refined petrol and distillate inventories rose, the Energy Information Administration (EIA) confirmed Wednesday.

Crude inventories fell by 5.8 million barrels in the last week, compared with analysts’ expectations for an decrease of 1.5 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 772,000 barrels, EIA said.

Refinery crude runs fell by 89,000 barrels per day, EIA data showed. Refinery utilisation rates remained unchanged.

Gasoline stocks rose by 1.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 488,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose by 1.8 million barrels, versus expectations for a 1.5 million barrels increase, the EIA data showed.

Net US crude imports fell last week by 1.1 million barrels per day.

http://www.akelicious.net/2018/08/crude-oil-price-hits-two-week-high-at.html

who cares

It will not reflect positively on our economy so no use

Check my signature for phone deals

So pleased to hear this... At least, this would reduce the number of excuses of this failed government

And then

this translates to more jobs in the oil sector..

Meanwhile, esteemed first bank customers, y'all can now perform wonderful transactions on the first mobile app, please click the link on my signature for more details on how to register, thanks .

Obasanjo reactivated the economy after years of military looting when crude was $34/bbl

The dullardrous is shutting down the economy with crude at $74

An opportunity for the dullard and his team of looters to steal

GEJ used to be this govt's excuse for lack of vision & direction. Later it was d price of crude oil which was below $30 in 2015. But for almost 2years now its been a bumper harvest so d excuses changed daily & perhaps weekly; including d story dat nigerians were thieves & corrupt. Later, it was dat d youths are lazy. For now, its saraki.

That will not still reflect on the lives of ordinary Nigerians. Only the yeye politicians will rejoice as more money is coming in for electioneering. Besides, give this current administration the whole world, they will still not perform because of their legendary incompetence.

Wonderful time for Nigeria.

Even if e hit 200dollars per barrel, suffer go still de for this country...they hv run out of lies...shey dem talk say Jonathan government waste money when e b 100dollars per barrel...wetin b d different now?? Na im e come still worse so

Buhari go dey dance for bathroom right now

PRESIDENT MUHAMMADU BUHARI AND HIS CRUDE OIL - GREEDY NORTHERN CALIPHATES KEEP DREAMING OF SWEET CRUDE AND BE SPECULATING ON OIL PRICE RISE INSTEAD OF INVESTING IN YOUR GOD GIVEN AGRICULTURE.

Come to the oil producing community in the Niger delta and see environmental degradation caused by years of oil prospecting without the necessary governmental agencies given back to the community.

OGONI CLEAN UP IS JUST IN THE MEDIA WITHOUT ANY TANGIBLE CLEANUP.

The Buhari jingoist keep speculating on a product that is not in your domain and be lavishing crude oil money on Abuja Properties.

THERE WILL ALWAYS BE A DAY OF RECKONING!

We hope this rise in price of oil per barrel will produce positive impact, but trust Nigerian government to loot the money for election and other inconsequential things.

ITbomb:
Obasanjo reactive the economy after years of military looting when crude was $34/bbl

The dullardrous is shutting down the economy with crude at $74

And the ineffectual drunk buffoon from Otuoke destroyed the economy with $130/barrel! Facts only! From GDP growth plunging to fx in flow crashing to fx reserves plunging!

even if it reaches 1000$ a barrel


the average Nigerian will still suffer


so not interested

ITbomb:
Obasanjo reactive the economy after years of military looting when crude was $34/bbl

The dullardrous is shutting down the economy with crude at $74

you can as well tell us the
1)minimum wage of labours during obj era.

2)cost of governance .
more than 50 ministries have been created since 2007 which gulp billions of naira yearly. e.g Nddc and Niger delta amnesty deal.

3) populations of Nigerians BTW 1999 to 2007 during obj era

4) forex rate during obj era


you re writing out of ignorance in order to gather likes from your demented bandwagon s
when crude oil crash to 78 per dollar during tail end of Gej era more than 25 states where unable to pay salaries even FG was already borrowing salaries .
so wail with sense next time.

sankky:
GEJ used to be this govt's excuse for lack of vision & direction. Later it was d price of crude oil which was below $30 in 2015. But for almost 2years now its been a bumper harvest so d excuses changed daily & perhaps weekly; including d story dat nigerians were thieves & corrupt. Later, it was dat d youths are lazy. For now, its saraki.

In your mind, they're doing nothing, ba?
Can't you see your inflation rate has been coming down for more than 13 months consecutively? Can't you see your fx reserves has risen by over $19bn? Can't you see foreign investment inflow is much more than what Ebelemi left behind in May 2015?

If you don't know, from crude oil sales, Buhari has made $94b since he assumed office! Ebelemi made almost $400b from 2011 to 2015 & left the economy in that dead state & you expect Buhari to perform magic while not referring to Ebelemi's evil & wasteful regime, ba? Nawa o!

chical:
So pleased to hear this... At least, this would reduce the number of excuses of this failed government

Unfortunately, none of them will mention this. But wait let the price drop by just 1$, you will hear series of excuses as to why the economy isn't working.

ORIENTATION101:
you can as well tell us the
1)minimum wage of labours during obj era.

2)cost of governance .
more than 50 ministries have been created since 2007 which gulp billions of naira yearly. e.g Nddc and Niger delta amnesty deal.

3) populations of Nigerians BTW 1999 to 2007 during obj era

4) forex rate during obj era


you re writing out of ignorance in order to gather likes from your demented bandwagon s
when crude oil crash to 78 per dollar during tail end of Gej era more than 25 states where unable to pay salaries even FG was already borrowing salaries .
so wail with sense next time.

Baba, no mind am! They think we're all as daft as the PDP sycophants that will just swallow the trash they write! Zero critical thinking! I just weak for those people!

this is obviously a world issue... but some blocked-headed people will direct the issue to Nigeria oil and gas.... Nigeria youth- "always finding a way to condemn their country".... Leaders of tomorrow my foot

Does not make anything better.

The truth is,we need oilat $139 per barrelat least.....to balance the books.

Which is why it is sad that the government does not have a plan to get us off oil...other than 'diversificaiton'

In my honest opinion, we need to

1.Remove subsides

2.Take a loan to improve power,to be paid in part by raised electricity bills (Ghana has light 24/7...and they pay far more for their light)>

3.Makeour foreign exchange rate system work for our manufacturing sector.Allow them to import vital components/ingridentis at a favourable rate....

4.Fight corruption.

Oil is no longer a sure banker. Time to wake up.

The nigerian economy has entered into recession twice & those twice were under one man: PMB. Not even d civil war threw d economy into recession but PMB did twice. Plz stop justifying visionlessness & ineptitude.

famosh:



In your mind, they're doing nothing, ba?
Can't you see your inflation rate has been coming down for more than 13 months consecutively? Can't you see your fx reserves has risen by over $19bn? Can't you see foreign investment inflow is much more than what Ebelemi left behind in May 2015?

If you don't know, from crude oil sales, Buhari has made $94b since he assumed office! Ebelemi made almost $400b from 2011 to 2015 & left the economy in that dead state & you expect Buhari to perform magic while not referring to Ebelemi's evil & wasteful regime, ba? Nawa o!

oh dear

90% of projects being commissioned by this govt after over 3yrs now were 80% completed by GEJ (as bad as his govt was). Then, there were far more jobs & liquidity. But in just 3ys, over 9m of those jobs were destroyed without any succour offered (check d national bureau of statistics). Theres a limit to propaganda. Within PMB's 1st 6months without a functioning cabinet or an economic policy, investors panicked & withdrew N2.7trilion from d booming economy, hence d recession. U stil want to knw how he killed d same economy in 1984 ? [quote author=famosh post=70526843]


In your mind, they're doing nothing, ba?
Can't you see your inflation rate has been coming down for more than 13 months consecutively? Can't you see your fx reserves has risen by over $19bn? Can't you see foreign investment inflow is much more than what Ebelemi left behind in May 2015?

It's not a bumper harvest as you claim cos Nigeria''s economy has always been run on an average crude price of $80/barrel and this is because during GEJ''s tenure crude price was over $110 per barrel. It was after it dropped to below $40 per barrel in his last year as president that they now started seeing the realities.

sankky:
GEJ used to be this govt's excuse for lack of vision & direction. Later it was d price of crude oil which was below $30 in 2015. But for almost 2years now its been a bumper harvest so d excuses changed daily & perhaps weekly; including d story dat nigerians were thieves & corrupt. Later, it was dat d youths are lazy. For now, its saraki.

In the past some were defending the federal government's lack luster performance on the drop in crude oil price, what excuse do they have now. Even if crude oil trades at $1,000 per barrel, our current leadership lacks the intellectual capacity to fix the economy. Ignorance is indeed worse than corruption because an ignorant mind will apply available resources on misplaced priorities.

That won't stop APC government from complaining again.

TimT:
this is obviously a world issue... but some blocked-headed people will direct the issue to Nigeria oil and gas.... Nigeria youth- "always finding a way to condemn their country".... Leaders of tomorrow my foot

Abeg which leader? Yesterday leaders are still leading our tomorrow

sankky:
90% of projects being commissioned by this govt after over 3yrs now were 80% completed by GEJ (as bad as his govt was). Then, there were far more jobs & liquidity. But in just 3ys, over 9m of those jobs were destroyed without any succour offered (check d national bureau of statistics). Theres a limit to propaganda. Within PMB's 1st 6months without a functioning cabinet or an economic policy, investors panicked & withdrew N2.7trilion from d booming economy, hence d recession. U stil want to knw how he killed d same economy in 1984 ?

You lie too much! It's not only 80% complete; in fact, he completed everything but was magnanimous enough to let Buhari commission them! You Jonathan sycophants never cease to amaze us!
Let's address your points one by one!
Firstly, where did national bureau of statistics state that in 3 years, 9 million Nigerians lost jobs?

sankky:
90% of projects being commissioned by this govt after over 3yrs now were 80% completed by GEJ (as bad as his govt was). Then, there were far more jobs & liquidity. But in just 3ys, over 9m of those jobs were destroyed without any succour offered (check d national bureau of statistics). Theres a limit to propaganda. Within PMB's 1st 6months without a functioning cabinet or an economic policy, investors panicked & withdrew N2.7trilion from d booming economy, hence d recession. U stil want to knw how he killed d same economy in 1984 ?

Secondly, which booming economy are you talking about?
Is it the economy that 25 States couldn't pay salaries & had to wait for Buhari to give them bailouts twice?
Is it the GDP growth that he met at 7.68% & destroyed it to just 2.35% in 2015?
Is it the foreign reserves that he plunged down to $28b from over $50b despite the oil boom during his tenure?
Is it the foreign investment inflow that he brought mercilessly down when he was leaving office (& is now improving & even a lot higher than what Ebelemi left behind)?

Are these signs of a booming economy? Stop lying; e no dey pay!