• News
    • Nigeria
    • Africa
    • Middle East
      • World News
    • Business
    • Home
    • Politics
    • Sports
    • Health
    • Science
    • Technology
  • Feature
  • Poems
  • Videos
  • Vox Pop
Wednesday, March 22, 2023
News Live Nigeria
  • News
    • Nigeria
    • Africa
    • Middle East
      • World News
    • Business
    • Home
    • Politics
    • Sports
    • Health
    • Science
    • Technology
  • Feature
  • Poems
  • Videos
  • Vox Pop
No Result
View All Result
News Live Nigeria
  • News
    • Nigeria
    • Africa
    • Middle East
      • World News
    • Business
    • Home
    • Politics
    • Sports
    • Health
    • Science
    • Technology
  • Feature
  • Poems
  • Videos
  • Vox Pop
No Result
View All Result
News Live Nigeria
No Result
View All Result

Oil falls on mounting COVID-19 cases, supply concerns

newslive by newslive
September 26, 2020
in Oil & Gas
0

RelatedPosts

Buhari unveils NNPC Limited in Abuja

Reps passes Petroleum Industry Bill after 20-year delay. It’s a landmark achievement ____ Gbajabiamila

PPMC announces N151.56 ex-depot price for petrol

Oil edged lower on Friday, falling more than two per cent on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks.

Brent crude futures settled at $41.92 a barrel, down two cents while U.S. West Texas Intermediate (WTI) crude futures lost six cents to $40.25 a barrel.

Brent dropped 2.9 per cent for the week and WTI sunk 2.1 per cent

“There is this second wave of fear overhanging the oil market at this point and that’s holding us back,’’ said Phil Flynn, senior analyst at Price Futures Group in Chicago.

In the world’s top oil consumer, the United States, infections are rising in the Midwest, while New York City, which was hit hardest in the spring, is considering renewed shutdown mandates.

More than 200,000 people have died of the virus in the nation.

U.S. fuel consumption remains sluggish as the pandemic constrains travel and hampers economic recovery.

The four-week average of gasoline demand last week was nine per cent below a year earlier.

In other parts of the world, daily increases of coronavirus infections are hitting records and new restrictions are being put in place to limit travel.

In India, throughput by crude oil refiners in August fell 26 per cent from a year ago, most in four months, as demand ebbed because the pandemic is hindering industrial and transport activity.

At the same time, more crude oil entering the global market threatens to beef up supply and push prices lower.

The U.S. oil and gas rig count rose by six to 261 in the week to Sept. 25, energy services firm, Baker Hughes Co said.

Libya has recently boosted production and Shell has provisionally booked the first crude tanker to load at Libya’s Zueitina terminal since January.

Iranian oil exports, meanwhile, have risen sharply in September in defiance of U.S. sanctions, three assessments based on tanker tracking showed. (Reuters/NAN)

Donate to News Live

Your donation will be much appreciated. It will help our journalistic efforts.

* are compulsory
cardlogos

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Tags: Global oil priceOilOil supply to rise
Previous Post

Boko Haram: Zulum shares grief of 11 Slain Security Personnel, says Keen on Baga.

Next Post

Military plane crashes in Ukraine, kills 22 cadets

Next Post

Military plane crashes in Ukraine, kills 22 cadets

Leave a Reply Cancel reply

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

NEWS CATEGORIES

Recent Posts

  • Colleges of education academic staff union, EACOED branch felicitates Makinde on re-election March 21, 2023
  • Gbajabiamila congratulates Sanwo-Olu on second-term reelection March 21, 2023
  • 20 years on from US-led invasion, Iraq still matters | Sir John Jenkins March 21, 2023

Archives

About Us

News Live Nigeria, a publication of Hatbuk Media Production, is an online news platform that keeps you abreast of latest news/happenings around the world. We give you all virgin news for all-round development.

Editorial Policy

We shall uphold the ethical standards of Journalism devoid of all forms of professional misconducts.

Contact Us

N6A/711, Idito street poly road, Sanngo, Ibadan.
Email: newslivenigeria@gmail.com
Tel: 08078187343, 07068644196

Subscribe via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Follow

Subscribe to notifications
No Result
View All Result
  • News
    • Nigeria
    • Africa
    • Middle East
      • World News
    • Business
    • Home
    • Politics
    • Sports
    • Health
    • Science
    • Technology
  • Feature
  • Poems
  • Videos
  • Vox Pop

© 2021 Published by: Hatbuk Media - Designed by: STAINLESS COMPUTERS.