Economy
Oil Price Rises To $46 Per Barrel
Oil prices rebounded slightly Thursday after tanking the previous day, but gains were capped by US stockpiles data and the prospect of rising output in Libya and Nigeria, dealers said.
At about 1015 GMT, US benchmark West Texas Intermediate for delivery in October was up 20 cents at $43.78 a barrel.
Brent North Sea crude for November delivery won 32 cents to $46.17 compared with the close on Wednesday.
The market had tumbled Wednesday after the US Energy Information Administration said gasoline and distilled products inventories rose last week, overshadowing news of a surprise fall in crude supplies.
Later Wednesday, Libya’s National Oil Corporation said it would double production within four weeks after it was handed control of crucial ports that had been seized by forces loyal to the country’s rival administration.
The news from Libya — which has Africa’s largest oil reserves — fanned long-standing worries about a global supply glut and overproduction that have hammered prices for more than two years.
At the same time, Nigeria — which is the African continent’s biggest crude producer — appears set to also increase its oil exports, traders said.
Follow us on social media:
“Serves her right” – Reactions as video shows moment BBNaija Phyna was kicked out of restaurant over her indecent outfit (Watch)
“Them carry their beef enter Live TV” – Reactions as two female presenters drag with each other during a live broadcast, clip goes viral (Watch)
“Old age no be joke” – Video trends as renowned pastor TD Jakes suffers health problem during sermon (Watch)
US Popular Preacher, Bishop T.D. Jakes Suffers Medical Emergency While Giving Sunday Sermon
“There’s hunger, however there’s huge” hope – Tinubu Lament
“This is m@dness” – Young man disrupts the peace inside banking hall as he plays song using his JBL speaker, clip trends online (Watch)
FG confirms arrest of Simon Ekpa by Finnish authorities
Nigerian man who passed away 10 years ago confesses he’s currently in Lagos, reveals big secret
-
News1 day ago“Only self!sh men are intimidated by women’s success, you should be happy that your woman is successful” – Actress Diva Gold to men
-
Celebrity Gossip & Gist1 day ago”Competition has started again” – Reactions trail Regina Daniels and co-wife, Laila’s posts about their husband, Ned Nwoko
-
News9 hours agoINEC Speaks On Manipulating Edo Governorship Election
-
Celebrity Gossip & Gist9 hours ago“Why It’s a sin to marry only one or two wives” – Nollywood actor, Uwaezuoke advises men