Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Oil prices rise on Nigeria tensions, weaker dollar

07 June 2016, 21:30

London - Oil prices rose on Tuesday, with Brent reaching a near eight-month high on unrest in Africa's biggest crude producer Nigeria as well as owing to dollar weakness.

Benchmark oil Brent North Sea crude reached $51.08 a barrel, the highest level since October 12.

Around 1120 GMT, Brent for delivery in August was slightly off the high at $51.04 but still a rise of 49 cents compared with Monday's close.

US benchmark West Texas Intermediate for July delivery gained 41 cents to $50.10 a barrel.

"The loss of supply from Nigeria is highly important on several accounts," said Bjarne Schieldrop, chief analyst at Commodities SEB Markets.

"For one it of course helps to tighten up the market. Secondly Nigeria's crude is light and sweet and thus of a comparable quality to Brent crude."

Also read: Oil prices rise on Nigeria disruptions

Nigeria's junior oil minister Emmanuel Ibe Kachikwu said late Monday that his country is planning peace talks with militants in the oil-producing south to end attacks that have slashed output to 1.6 million barrels per day, well below the budgeted-for 2.2 million bpd.

Oil prices have rebounded about 90 percent of their value from near 13-year lows touched at the start of the year, as worries over a global supply glut eases on sliding output in key producers Nigeria and Canada.

Meanwhile a cheaper dollar in the wake of last Friday's poor US jobs report is making crude cheaper for buyers holding other currencies, pushing up demand.

Crude has won support in recent weeks also from the fallout of wildfires in Canada's oil region offsetting OPEC's refusal last week to agree limits to its members' output.



Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...