OPEYEMI OLOTU Dangote Petroleum Refinery has debunked claims that the recent pump price reductions by oil marketers were triggered by the Federal Government’s suspension of the 15 per cent import tariff, describing the reports as “entirely false, deliberately misleading, and inconsistent with actual market dynamics.” In a strongly worded statement, the refinery said the real…
Oil prices settled marginally lower on Monday as concerns of an oversupply outweighed geopolitical tensions in Russia and the Middle East. Brent crude oil futures settled 11 cents, or 0.2%, lower at $66.57 a barrel. The global benchmark has traded between $65.50 and $69 since early August. U.S. West Texas Intermediate crude (WTI)contract for October , expiring on…
Oil prices climbed on Monday as traders weighed concerns that Russian supply could be disrupted by more U.S. sanctions and Ukrainian attacks targeting energy infrastructure in Russia. Brent crude futures were up 40 cents, or 0.6%, to $68.13 by 1315 GMT, and West Texas Intermediate (WTI) crude futures gained 46 cents, or 0.7%, to $64.12….
Oil on Monday shrugged off the impact of OPEC+ hiking output more than expected for August as well as concern about the potential impact of U.S. tariffs, with prices mostly reversing early losses as a tight physical market lent support. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+,…
