Nigeria News App

Join NN App My Account
Stats: 306 members, 1,704 topics. Date:   Sun, 16 2018 at 09:12 am
For more please contact us @ info@nigerianews.app

Nigerian News

FrontPage Forum Must Read Latest Posts Breaking News Entertainment Politics Business Economy Sports Romance General Hausa News
Trending : Candidate Debate 2019 Presidential Buharis Osinbajo Push
Join NN App Earn by reading news Sign in My earnings Invite friends Income record How it works FAQ Testimonial Income support Today offer

Oil Falls amid Stock Market Slide as OPEC Meets

By - - [Economy ]

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by the Organisation of the Petroleum Exporting Countries (OPEC).

The meeting is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 per cent since October.

International Brent crude oil futures LCOc1 were at $61.04 per barrel at 0531 GMT, down 52 cents, or 0.8 per cent from their last close.



U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.38 per barrel, down 51 cents, or 1 per cent.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.
Since early October, crude oil has lost around 30 per cent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

“A massive liquidation in long positions by money managers has dampened market confidence on oil prices considerably,” said Benjamin Lu of Singaporean brokerage Phillip Futures.

OPEC is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC’s crude oil production PRODN-TOTAL has risen by 4.1 per cent since mid-2018, to 33.31 million barrels per day (bpd).

Oil output from the world’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 per cent of global consumption.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates (UAE).

Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

“Markets…believe the production cut deal will be in range of 1-1.3 million bpd,” ANZ bank said on Thursday. (Reuters/NAN)

rel=nofollow>https://www.thisdaylive.com/index.php/2018/12/06/oil-falls-amid-stock-market-slide-as-opec-meets/


Like .

Others are reading


15 Comments Nigeria News
Nwoguemmanuel77• 3 days ago
Ok
Reply
iammicharles• a week ago
Hmm
Reply
Olite1996• a week ago
see regulation....
Reply
Iyamahsolomon• a week ago
Hmm
Reply
ANOINTING• a week ago
Hmm
Reply
Racheal• a week ago
Ok
Reply
Racheal• a week ago
Ok
Reply
yetty031009• a week ago
Ok
Reply
olakunle031009• a week ago
Nicely
Reply
Iamajtofunmi• a week ago
Noted
Reply
Fatimabello• a week ago
Ok
Reply
innkayobami• a week ago
Too bad
Reply
Keshinismail• a week ago
OK
Reply
Irphilippe• a week ago
December is here
Reply
Abiodun• a week ago
Noted
Reply

(Go Up)

Have a news to share? Contact Email: info@nigerianews.app

NIGERIA NEWS APP (https://www.nigerianews.app) is a website owned by IAR (IJMBway Alevel Registraion) a registered company that pays you for reading news, commenting on every news, sharing our ads on Twitter/ Facebook, inviting friends & family and logging daily. You can make upto ₦200,000 just by inviting people to read Latest Nigerian News & Breaking News in Nigeria. Register today with ₦1,600 to become a member.


© 2018 - Nigerian News App.