$type=ticker$count=12$cols=4$cate=0

Oil price rises to $71 a barrel

Oil hit a five-month high above 71 dollars a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply alr...



Oil hit a five-month high above 71 dollars a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply already squeezed by OPEC cuts and U.S. sanctions on Iran and Venezuela.


International benchmark Brent futures hit their strongest level since last November at 71.34 dollars per barrel, before easing to 70.99 dollars per barrel by 0700 GMT.


U.S. West Texas Intermediate (WTI) crude oil futures also hit a November 2018 high, at 64.77 dollars per barrel, before easing to 64.42 dollars per barrel.


Oil markets have tightened this year as the United States imposed sanctions on oil exporters Iran and Venezuela while the producer club of the Organisation of the Petroleum Exporting Countries (OPEC) has been withholding supply to prop up prices.



Brent and WTI futures have risen by 40 per cent and 30 per cent respectively since the start of the year.


Goldman Sachs, an American multinational investment bank and financial services company, said an oil supply deficit had opened up early this year.


“We expect the drivers of this deficit to persist through 2Q19” due to a shock and awe implementation of the OPEC cuts,” the U.S. bank said in a note.


Goldman said it expected Brent to average 72.50 dollars per barrel during the second quarter, up from a previous forecast of 65 dollars per barrel.


Prices have been further lifted this week by escalating violence in Libya, a significant supplier of oil to Europe, which produced around 1.1 million barrels per day (bpd) of crude in March.


Eastern forces on Monday were advancing on the Libyan capital Tripoli in the latest of a cycle of warfare since Muammar Gaddafi’s fall in 2011, with a warplane attacking the city’s functioning airport.


Yet despite generally bullish oil markets, concerns that an economic slowdown this year will hit fuel consumption have been preventing crude prices from rising even higher, traders said.


And while fears of a global recession ebbed following strong U.S. jobs figures and improved Chinese manufacturing data late last week, Bank of America Merrill Lynch said there was still a “significant slowing in growth globally” in 2019.


The bank said it expected Brent and WTI to average 70 dollars per barrel and 59 dollars per barrel respectively in 2019, and 65 dollars per barrel and 60 dollars per barrel in 2020.


Goldman Sachs also said oil prices “will decline gradually from this summer as shale and OPEC production increases.”


Russia, not an OPEC-member but a reluctant participant in the supply cuts, signalled on Monday it wanted to raise output when it would meet with OPEC in June because of falling stockpiles.



In the United States, crude oil production has risen by more than 2 million bpd since early 2018, to a record 12.2 million bpd, with many analysts expecting output to exceed 13 million bpd soon.

COMMENTS

BLOGGER

/fa-clock-o/ WEEK TRENDING$type=list

Name

#bbnaija,2,2019,1,2019 elections,3,2face idibia,7,About Us,1,accident,21,Action,1,Adeboye,1,Africa,21,africa news,37,Africam News,1,African Beauty,12,African history,1,african news,5,African Students,2,africatourism,1,Agriculture,17,Almajiri,1,ambode,24,Android,3,Animals,1,anthony joshua,3,APC,30,Apostle Johnson Suleiman,7,Apostle Suleiman,1,Apple,1,Arsenal FC,3,Art,1,article,7,Articles,1,Arts and Culture,4,Assurance Davido,1,ASUU,7,autos,1,Award,31,Ayo Fayose,4,Ayodele Fayose,1,bangladesh,1,barcelona fc,14,basketball,1,bb naija,1,bbcyoruba,1,BBnaija,41,BEAUTY,24,bet awards,1,Beuty,1,beyonce mass,1,biafra,28,Bitcoin,1,Black Panther,3,Blackberry updates,3,Blackpanther,1,blog,2,Blogger,53,Bloggers Hit,22,Blogging,1,bobrisky,1,Boko Haram,86,Boko Haram Crisis,32,Boko-haram,19,Boko-Haran,1,BOKOHARAM,8,Bolo Haram Crisis,5,Bovi,1,boxer,6,boxing,1,Brain Teazer,1,Breaking,134,Breaking News,1620,Breakinh,1,Brealing,1,BREXIT,2,Bruno Mars,1,budget,8,Buhari,196,Buratai,1,bursaries,2,BUSINESS,171,Business Breaking,1,CAC church,1,Calabar,1,cambridge exams,3,CAN,2,Cancet,1,career,4,Cars,1,Ceelebrities,1,Celebrities,636,Celebrity,11,Celebs,10,Celerities,8,chamions league,8,champion's league,28,Champions league,2,Champions' League,1,CHEATS,27,chelsea fc,85,chemistry,1,chibok girls,3,Chioma,1,christiano Ronaldo,43,Comedy,10,Commonwealth,2,Corruption,5,Court,1,Crime,108,Crisis,134,Crisis in Nigeria,57,Culture,1,daddy freeze,1,daily devotion,1,dangote,7,Dansuki,4,Dapchi Girls,1,dapchigirls,1,Dasuki,3,Davido,40,Dbanj,1,Diezani Alison Madueke,1,dino melaye,7,disaster,4,diy,8,dk odukoya,2,DK Olukoya,1,dollar,1,Don Jazzy,1,Donald Trump,82,drug abuse,1,Drugs,7,Earth Science,6,earthquake,1,Easter,3,ecowas,4,Education,281,EFCC,96,Eid-El-Kabir,6,Ekiti,2,ekiti decides,27,Ekiti Elections,2,Ekiti States,1,el rufai,1,ELECTION,51,Election 2019,1,emenuella,1,Emir Kano,4,Employment opportunities,3,En Son Dakika haberleri,1,enter,1,Entertainement,1,Entertainment,1084,Entertainment Latest News,1,Entertainments,3,Entetainment,2,environment,1,EpicGames,2,epl,5,Ese,1,Essay Competitions,1,EU,1,euro2024,1,Europeaun Commission,1,evans,1,event,4,Events,11,Facebook,7,FACEBOOK TRICKS,5,facebook update,28,fani Kayode,3,Fashion,46,father's day,1,Fayose,5,featured,2,federal government,83,Fellowships,1,femi adesina,1,FG,1,fight,1,finance,74,Finances,1,fitness,3,flavour,1,flood,1,Folorunsho Alakija,1,football,306,football Europa League,1,Foreign,156,Fraud,39,Fuel Scarcity,13,fulani herdsmen,23,Funny,48,FUTURE TECH,16,game,3,gay pastor,2,Ghana,1,gist,69,goo,1,Goodluck Jonathan,1,Google,13,google i/o 2018,1,Google9ja,44,google9ja news,2876,gossip,28,Gov. Amosun,1,Gov. Fayose,28,graduate jobs,1,Graduates,2,Grammy Award,2,Guinness Book Of Record,1,hack,1,HACKERS,6,hajj,1,Headlines,1,Health,134,healthy food,1,Healthy Living,23,hemp,1,herdsmen,5,Hilarious,2,Hip hop,2,history,1,holiday,1,house of reps,2,How to Create a website,1,hushpuppi,1,Ibadan,3,independence,7,INEC,8,inspirational,6,International,1,International Scholarships,3,internet,7,interns,1,Internships,6,interview,2,interviews,1,Investment,1,Investor,1,iphone,17,iphones,2,ipob,1,IS,1,isis,1,israel,2,Israel Palestine crisis,1,JAMB,3,jenifa,8,Jerusalem,2,jibrin,1,Jobs,68,John Terry,1,Jokes,1,Jonathan,1,Jose mourinho,13,justin Timbalake,1,kaduna,20,Kanu Nwakwo,1,Kanye west,1,Kardashian,1,kardashians,1,Kardeshian,1,Kardeshians,1,kelvin hart,1,kelvinhart,1,Kemi olunloyo,1,kidnap,21,kim kardashians,9,kingship,7,Lagos,5,lagos state,49,Lagos train project,1,lai mohammed,3,Lassa Fever,3,Lastest News,2,lat,1,Latest News,971,latest Nigerian jobs,1,Latests News,1,lawyers,3,Leadership,1,league,2,Life,2,Life style,96,Lifestyle,35,Lifstyle,1,Linda versus Wizkid,1,Linda vrs Wizkid,1,Linda vrs Wizzy,1,Live Update,1,Live Updates,5,lol,13,London,1,Love,18,Manchester United,28,market place,2,Masters Scholarships,1,mbaka,1,mecca,1,mercy Aigbe,3,Mercy Johnson,1,messi,26,mfm prayer points,8,MFM Prayers,14,MFM Sermons,2,mimiko,1,minimum wage,1,miracle prayers,12,MKO Abiola,2,MMM,3,Mobile Phone,1,Model,1,Model United Nations,2,moji olaiya,1,Money,1,monkeys,1,motivation,4,Movie,52,Movies,3,MTN,1,MTN NIGERIA,10,mugabe,1,MUNPlanet,2,Music,3695,NAFDAC,1,Naija,2597,Naija News,1,Naija Entertainment,1,Naija New,4,Naija Newa,1,naija news,1170,naira,1,Naira devaluation,3,Naira evaluation,2,nano technology,1,NBA,3,ncc,1,NCCF,1,new,5,New music,20,New Nigeria,2,News,3801,News Nigeria,34,NewsMusic,1,newspapers,4,Niageria,1,Nicki Minaj,1,Niger Delta Avengers,37,Nigeria,17,Nigeria Air,1,Nigeria Latest News,3,nigerian,21,Nigerian Breaking News,551,Nigerian history,3,Nigerian Jobs,1,Nigerian Latest New,1,Nigerian Latest News,1223,Nigerian Latest News online,2638,Nigerian Music Entertainment,1,Nigerian Newpapers,1,Nigerian News,5,Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper.,3565,Nigerian Newspaper,3,Nigerian Newspapers,1,Nigerian police apptitude test,5,Nigerian politics,183,nigerian senate house,13,Nigerian Students,2,Nigerian Super Eagles,29,Nigerians in south-Africa,3,Nih,1,nlc,1,NLC updates,2,nnamdi kanu,8,NNPC,22,Nollyhood,17,Nollywood,3,NOUN,1,NY crash,1,NYSC,19,NYSC updates,15,Obadanjo,1,Obama,5,Obasanjo,20,October 1st,3,OculusRift,1,oil and gas,1,Olamide,3,Olamide baddo,1,Olusegun Obasanjo,1,omg,2,ondo state,3,ONLINE BIZ,5,Online money,1,only in Nigeria,320,Ooni of Ife,6,ooni-ife,1,opinion,1,Orphans,1,orubebe,1,Osinbajo,2,Osun decides,10,oyo state,8,palestine,1,Pastor E. A Adeboye,1,pastor E.A Adeboye,7,pastor T.B joshua,3,paul pogba,1,PDP,4,phon,1,Phones,35,POLITICS,1790,POLİTİCS,1,POLOTICS,2,Postgraduate,1,power,1,Power holding,10,prayer,16,prayer points,5,Prayers,3,premier League,79,president,1,Products,1,proud marry,1,Public hearing,1,quiz,1,quotes,4,rat,1,RCCG,2,recruitment,4,Relationship,29,Relationships,130,Religion,112,Reviews,1,Rihana,2,rio olympics,7,ronaldinho,2,Russia 2018,17,russia2018,4,Samsung galaxy s6,1,Samsung updates,3,Sanusi Lamido Sanusi,1,Saraki,1,Satanists,1,Saudi Arabia,1,Schilarships,1,Scholarahips,1,Scholarships,591,Scholarships 2018,1,Scholarships for Aricans,1,science,6,Security,74,Senate,2,sex doll,1,Shekau,1,shiites,1,short girls,1,short people,1,smart phones,23,smartphones,2,snake,1,socal media,1,soccer,2,social,47,Social media,1,South Africa,1,spanish league,17,Sport,17,Sporta,2,Sports,820,stolen mace,1,stolenmace,1,Stories,56,Story,1,Strategy,1,student internships,2,STUDY ABROAD,101,Style,3,Success tips,1,Sudan,1,Super Eagles,2,Tech,29,Tech matters,156,Tech News,1,Technology,1,Techs,2,Telecommunication,11,Telecommunications,1,tennis,1,terrorism,1,Test your brain,1,therock,1,TimSweeney,1,tithe,1,tompolo,1,tonto dike,3,Traineeships,1,Travel,7,Trump,3,Turkey,2,Turkieh embassy,1,turkish visa,1,Twitter,2,twitter attacks,14,uganda,1,UK,1,UK News,1,Uncategorized,4,Undergraduate Scholarships,1,Underprivileged Students,1,unemployment,6,United Kingdom,2,Updates,1,US,110,USA,1,usain bolt,1,Useful Hacks,1,UTME,3,vacancy,2,valentine,1,valentine'sday,1,Video,1,Videos,10,viral,1,virallink,4,VirtualReality,2,VISION 2020,7,vr,1,Weird,3,WEIRD NEWS,643,WEİRD NEWS,1,WEIRS NEWS,1,Whatsapp update,2,windows,1,Wired news,2,wizkid,22,wizkid in california,1,world,324,World cup,7,World News,28,World Record,2,World's statistics,1,Yahoo Tech,1,Yaya Toure,1,yemi osinbajo,21,Yobe Girls,1,Yola Girls,1,Yoruba News,1,Youth,7,Youth Opportunities,2,zimbabwe,1,
ltr
item
Google9ja | Entertainment | Nigerian Latest News online: Oil price rises to $71 a barrel
Oil price rises to $71 a barrel
https://1.bp.blogspot.com/-nFWqTIAv8g8/XKy-7CgnREI/AAAAAAAAF8Q/svv81X00foYFN4BmKneOq1VExOrtryvLwCLcBGAs/s320/oil%2Band%2Bmoney.jpg
https://1.bp.blogspot.com/-nFWqTIAv8g8/XKy-7CgnREI/AAAAAAAAF8Q/svv81X00foYFN4BmKneOq1VExOrtryvLwCLcBGAs/s72-c/oil%2Band%2Bmoney.jpg
Google9ja | Entertainment | Nigerian Latest News online
https://www.google9ja.com/2019/04/oil-price-rises-to-71-barrel.html
https://www.google9ja.com/
https://www.google9ja.com/
https://www.google9ja.com/2019/04/oil-price-rises-to-71-barrel.html
true
8173235409350904551
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content