Would you like to receive notifications on latest updates of the following headlines?

Oil Slips on Higher US Crude Stocks, Easing Mideast Tensions

POSTED ON August 21, 2024 •   World      BY Abiodun Saheed Omodara •   VIEWS 78
A view of the Stena forth drill rig for Springfield Group, the first independent African energy company to discover oil in deep sea, is pictured at the sea near Takoradi, Ghana November 15, 2019. l Credit: REUTERS

Oil prices slipped on Wednesday on estimates showing swelling US crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.

Brent crude futures fell 11 cents, or 0.1%, to $77.09 a barrel by 0630 GMT. US West Texas Intermediate crude dipped 14 cents, or 0.2%, to $73.03, Reuters reported.
US crude oil stocks were seen rising last week by 347,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. 

Gasoline and distillate stocks, however, fell by 1.043 million barrels and 2.247 million barrels respectively, according to the sources.

The United States is the world's biggest producer and consumer of oil, and growing inventories point to oversupply that could pressure prices.
Meanwhile, US Secretary of State Antony Blinken wrapped up a trip to the Middle East intended to help broker a ceasefire agreement in Gaza.

Blinken and mediators from Egypt and Qatar have raised hopes for a US "bridging proposal," which could shrink the gaps between the two sides in the 10-month-old war.

"Hopes of a cease-fire between Israel and Hamas have weighed in on oil, along with lingering demand concerns," ING commodities strategists said.

"While weaker Chinese demand has been well reported, refinery margins around the globe have been under pressure for much of August, suggesting that these demand concerns are not isolated to just China," they said.

The economic struggles in top crude importer China have continued to hobble the market, as weak processing margins and low fuel demand curbed operations at state-run and independent refineries.
Imports of crude oil from top supplier Russia fell in July by 7.4% from a year ago, while fuel oil imports retreated for a third straight month, customs data showed this week.

RECOMMENDED FOR YOU
ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 22, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...

RECOMMENDED FOR YOU
China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 22, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...

RECOMMENDED FOR YOU
FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 22, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...

RECOMMENDED FOR YOU
Trump picks Pam Bondi as Attorney General following Gaetz withdrawal
BY Benedicta Bassey November 22, 2024 0

WASHINGTON, United States  — US President-elect Donald Trump has nominated Pam Bondi, a v...

RECOMMENDED FOR YOU
Federal Government partners IOM on migration policy review
BY Benedicta Bassey November 22, 2024 0

ABUJA, Nigeria —The federal government on Friday said no less than 6.1 million Nigerians are s...

RECOMMENDED FOR YOU
US reject ICC arrest warrant for Isreali PM
BY Benedicta Bassey November 22, 2024 0

Netherlands, United States —The United States has opposed the International Criminal Court&rsq...

RECOMMENDED FOR YOU
North Korea Doubles Down on Military Strength Amid U.S. Tensions and Russian Alliance
BY Suleiman Jimoh November 22, 2024 0

PYONGYANG, North Korea (AP) — North Korean leader Kim Jong Un unveiled his nation’s late...

RECOMMENDED FOR YOU
Brain chip: Elon Musk’s 'Neuralink' gets Canadian approval for trial
BY Benedicta Bassey November 21, 2024 0

CANADA — Elon Musk’s has announced the approval of his Neuralink in Canada to conduct it...

OUR CHANNELS:

OTHER ARTICLES ::

25th November, 2024
Tinubu eyes livestock sector reform, investment to curb farmer-herder clashes
BY Abiodun Saheed Omodara November 25, 2024 0

President Bola Tinubu has reaffirmed his administration’s commitment to resolving the farmer-h...


Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 25, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...


Breaking : Supreme court voids National Lottery Act
BY Abiodun Saheed Omodara November 25, 2024 0

The Supreme Court, on Friday, nullified the National Lottery Act 2005 enacted by the National Assemb...


ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 25, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...


China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 25, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...


FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 25, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...


Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 25, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...


Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 25, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...


Man in Police net for defiling, impregnating 15-yr-old daughter
BY Benedicta Bassey November 25, 2024 0

CALABAR, Nigeria —A 48-year-old man, Mallam Adamu Umaru, was paraded by the Zone 6 Police Comm...


Trump picks Pam Bondi as Attorney General following Gaetz withdrawal
BY Benedicta Bassey November 25, 2024 0

WASHINGTON, United States  — US President-elect Donald Trump has nominated Pam Bondi, a v...


Menu