Naijacrux News:Welcome to Naijacrux Online Forum..Great Place To Get Tips Facts Updates and More ,Interact Discuss & Learn With Others !!.remember to register to enjoy much more update!!!New Updates From Naijacrux -Naijacrux Is Now Mobile Friendly - Download Our Android App On Our Forum Rules And Announcement Section.Our App Will be Live On Google Playstore And IOS Store Soon Aswell - CLICK HERE TO DOWNLOAD NAIJACRUX ANDROID APP !!! Dear Guest And Naijacrux Dedicated Members,!!! ,  You Can Now Receive Naijacrux Weekly New Post and Updates Via Email by Subscribing To Our Newsletter Using The Subscribe Button Above The Naijacrux Announcement And Discussion At The Top Home Page!!Never Miss A New Post And Updates Again.!Thank You.  !!!YOU ARE WELCOME TO NAIJACRUX INFORMATIVE LEARNING AND INTERACTIVE FORUM.This Website is an Intensive Forum of Learning We recommend you Register & Login to Enjoy much free stuffs ::>>Also remember to Update your Profile Immediately after registration. Thank you!>>>!!!!To All Advertisers And Patronizers, kindly Send Mail To For adverts Placement. thanks!!!

Author Topic: Oil price falls again  (Read 1004 times)

0 Members and 1 Guest are viewing this topic.

Offline legendguru

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 2147
  • Karma: +1/-0
Oil price falls again
« on: May 13, 2016, 12:34:00 AM »
Oil prices fell Thursday on profit-taking, after New York crude reached the highest level this year on signs that the global supply glut was easing.

In early trading, New York's benchmark contract reached $47.02 a barrel a highest point since early November.

Later around 1630 GMT and after traders booked profits, New York's West Texas Intermediate for delivery in June stood at $45.98 a barrel, down 25 cents compared with Wednesday's close.

Brent North Sea crude for July dropped 46 cents to $47.14 a barrel.

Prices had rallied earlier in the day, as the International Energy Agency forecast a sharp drop in the supply glut, and following a surprise fall in US crude reserves.

Energy advisory group the IEA forecast that the stubborn oil glut will "shrink dramatically" this year, following wildfires that have disrupted Canada's output and on buoyant Indian demand, analysts said.

The IEA's monthly report was published one day after news of a drawdown in US oil inventories that signalled strong demand in the world's top oil consumer and sent prices racing higher.

The "surprise draw (fall) in US crude oil inventories was very supportive for crude futures", Sucden brokers analyst Kash Kamal told AFP.

The oil market has been rocked by chronic oversupply in recent years, badly hurting producers but translating into lower prices at the petrol pumps for consumers.

Despite this week's gains, the market remains far below the $100-a-barrel mark of mid-2014 and sank underneath $30 earlier this year on the back of abundant supplies.

In Canada, recent devastating wildfires forced a shutdown of 1.2 million oil barrels a day.

Crude futures had meanwhile already surged on Wednesday after the US government's Department of Energy said inventories slid 3.4 million barrels last week. That confounded market expectations for an increase.

The DoE report showed also that US oil production had fallen, while supplies of gasoline (petrol) and distillates, such as diesel and heating fuel, slid by more than expected.



Nigerian FG petrol subsidy now N26 per litre , Landing Cost Up, Price Hike Looms

Started by guruslodge

Replies: 0
Views: 1473
Last post December 25, 2017, 12:42:50 AM
by guruslodge
Nigerian FG to increase fuel pump price next month ? Kachikwu

Started by admin

Replies: 0
Views: 1137
Last post April 06, 2016, 01:57:34 AM
by admin
Checkout Photos of this Amphibious Lamborghini on eBay for less than ford price

Started by newspostng

Replies: 0
Views: 938
Last post April 08, 2016, 01:24:34 AM
by newspostng
Nigerian Senate denies plan to hike fuel price

Started by internet police

Replies: 0
Views: 1497
Last post June 05, 2017, 12:43:04 AM
by internet police
Petrol price finally hits N170 per litre in Nigeria

Started by legendguru

Replies: 0
Views: 9897
Last post November 16, 2020, 10:35:16 AM
by legendguru