Crude oil price climbed more than one per cent with United States crude hitting a 2019 high yesterday after tight supply and positive signs for the global economy drove both benchmarks’ largest first-quarter gains in nearly a decade.

The price of the US West Texas Intermediate (WTI) was up 85 cents, or 1.4 per cent, at $60.99, after reaching their highest in more than four months at $61.15.
Reuters reported that WTI gained 32 per cent in the first quarter.
The global benchmark, Brent crude for June delivery was up 93 cents, or 1.4 per cent, at $68.51 after rising by more than a dollar in earlier trading and gained 27 per cent in the January-March period.


Crude oil production cuts from the Organisation of the Petroleum Exporting Countries (OPEC) helped push supply to a four-year low in March, a Reuters survey found, as top exporter Saudi Arabia over-delivered on the group’s supply-cutting pact while Venezuelan output fell further due to United States sanctions and power outages.
US construction spending reportedly increased for a third straight month in February, offering some good news on the economy following a string of weak reports.

The US data followed positive Chinese factory gauges and signs of progress in Sino-US trade talks have boosted sentiment, helping to buoy regional stock markets.

The United States and China said they made progress in trade talks that concluded on Friday in Beijing, with Washington saying the negotiations were “candid and constructive” as the world’s two largest economies try to resolve their trade war.

China’s State Council said on Sunday that the country would continue to suspend additional tariffs on United States vehicles and auto parts after April 1, in a goodwill gesture following a US decision to delay tariff hikes on Chinese imports.
On the supply front, booming American production has steadied, with the US government reporting on Friday that domestic output in the world’s top crude producer edged lower in January to 11.9 million barrels per day.

Also, US energy companies last week reduced the number of oil rigs operating to the lowest level in nearly a year, cutting the most rigs during one quarter in three years, energy services firm, Baker Hughes, said.

Meanwhile, oil prices are being propped up by US sanctions on Iran and Venezuela along with voluntary supply cuts by the OPEC and other major producers.
Output from OPEC countries fell by 280,000 barrels per day (bpd) from February to 30.4 million bpd, its lowest monthly rate since 2015.

Washington has instructed oil trading houses and refiners to further cut dealings with Venezuela or face sanctions themselves, and has urged Malaysia and Singapore to be vigilant for illicit Iranian crude in its waterways.

https://www.akelicious.net/2019/04/crude-oil-price-climbs-to-68-as.html

we are getting there, hoping for a day it will be $90-$100/barrel

good one

Buhari.come.and.see.oh!!

How will the poor masses benefit from it ?

More cash for the mallams to qwuench

The higher the global crude oil price, the more subsidy we will pay as petrol landing cost increases Good and Bad News........

dalongjnr:
we are getting there, hoping for a day it will be $90-$100/barrel

Bros are u a politician or related to one, if not this is no good news for u.... It means more money for the looters to loot, unless you are a looter or upcoming looter.

Jestin:
How will the poor masses benefit from it ?

only enriching the cabals and politicians while SS/Niger Delta surfer the spills.

I'm hopeful and prayerful that things will get better for all. If there is great influxes of revenue, salaries and other statutory obligations of government will be fulfilled. Money will circulates, if salaries are given to c/s n construction of major projects initiated.

They will still have excuses...

There was a time it was $100+ we had huge reserves which gave rise to the infamous goat and yam theory.

Castroii:

Bros are u a politician or related to one, if not this is no good news for u.... It means more money for the looters to loot, unless you are a looter or upcoming looter.

I'm still wondering why the guy de rejoice. The same way the price went higher during pdp era but nothing to show for it.

weather it rise or fall they must loot it Nigeria must be great

dalongjnr:
we are getting there, hoping for a day it will be $90-$100/barrel

IT SHOULD NEVER RISE.

LET US AS A NATION PURSUE TRUE WEALTH CREATION.

The whole of the 36 states in Nigeria which includes the crude oil producing states all wait for "FREE MONEY"

It is such a crazy thing and it promote laziness and idleness.

Most of the northern states with large expanse of agricultural land have decided not to farm their land to an industrial standard just because they have ABUJA that provides the ATM MACHINE that give them free money.

AGAIN NIGERIA MUST REVERT BACK TO TRUE WEALTH CREATION.

CRUDE OIL PRICE SHOULD NEVER RISE.

It is not even helping the common man in the streets of Nigeria.

It is only the big men, big politicians in government that are enjoying this BLACK GOLD.

Go to Ken Saro Wiwa country home of Ogoni land or the creeks of Warri, Burutu, etc It is all crude oil spill, gas flaring and environmental degradation such that the locals are suffering.

Gas flaring pollute their cassava growing land, polute their fishing water, poluting their drinking water, give them health challenges.

BUT THE BIG MAN FROM KADUNA STATE, KANO STATE ( with 44 local government area ) Borno state etc are enjoying allocation.

Oil wells have been given to non indigene where they recontract it out to other companies and them milk the niger delta people of their COMMONWEALTH.

TINUBU would be smiling now

The next levels dullard prayer. When you put an incompetent man at the helm of affairs thats the result of what the last cowbender has done to this country.

oil prices goes higher while poverty in Nigeria goes higher too

yet no impact on nigeria economy

Legendguru:
yet no impact on nigeria economy

Under GEJ at $120, how many railway lines were constructed?

I am not sure, but somehow always with increase of oil prices come some economical issues. That probably means nothing good for Nigeria in the near future