Brent oil rebounds after hitting five-year low below $66

Brent crude oil hit a fresh five-year low yesterday before rebounding to near $67 a barrel, as some buyers emerged in the hope that prices are bottoming following a more than 40 per cent slide since June. Fast-growing US shale output has hurt the ability of the Organisation of the Petroleum Exporting Countries, OPEC, to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year. Prices were on course to post the first gain in more than a week, but most traders deemed it too soon to call a floor. “Although talks of oil reaching its bottom are more rampant, we fail to see a reversal coming without stronger fundamentals,” Daniel Ang of Phillip Futures said in a note. Brent crude for January delivery was up 46 cents at $66.65 a barrel after falling as low as $65.29, its weakest since September 2009. Brent dropped 4.2 per cent or $2.88 on Monday in its third-largest one-day loss this year. U.S. crude was up 64 cents at $63.69 a barrel, bouncing back after hitting $62.25, its lowest since July 2009. It fell 4.2 per cent or $2.79 on Monday.

Comments

Post a Comment

Popular posts from this blog

Hundreds of corpses of Boko Haram victims reportedly litter Gwoza Mountain in Borno state

Image
Hundreds of bodies of some of the victims of Boko Haram attacks who fled from Gwoza community in Borno state are reportedly decomposing at the mountains that surround Gwoza community. A source who spoke with Sahara Reporters say most of the victims died due to hunger as they could not get food while they took refuge on the mountains during the period Boko Haram took their community hostage. "Many atrocities were committed by Boko haram insurgents during Boko Haram reign at Gwoza, most of the mountain unburied bodies lying down. Hundreds of corpses are still there. If you go to the these mountains around Gwoza axis you wouldn't be able to eat meats, sand has eaten some the bodies as many bones dry up due to heat" the source said
Read more

Disregard petitions against us —Rivers PDP gov aspirants

PORT HARCOURT— SIXTEEN aggrieved governorship aspirants of Peoples Democratic Party, PDP, in Rivers State, yesterday, urged the screening committee of the party in Port Harcourt to dismiss petitions alleging that some of them were not members of the party. The committee screening Assembly and governorship aspirants of the party in the South-South zone commenced work at the party’s South South zonal secretariat in Port Harcourt on Saturday. Professor Israel Owate, who spoke for the aggrieved aspirants at the venue of the screening exercise, said the petitions were allegedly sponsored by one of the governorship aspirants of the party, claiming that most of the 16 aspirants were not members of the party. Urging the screening committee to disregard the petition, Owate said it was regrettable that one of the aspirants could make such allegations against the other aspirants. “Just yesterday, at the governorship screening panel, most prominent aspirants were confronted with spurious, trumped...
Read more

Drama in Ogidi court as widow tackles police

A mild drama played out weekend at Ogidi High Court presided over by Justice Ike Ogu as a widow, Mrs. Nwakaego Mgbogo, and the police through their lawyer exchange words on the circumstances that led to the death of her husband, Raymond Mgbogo, in Peoples Club Police Post, Onitsha, Anambra State. Counsel to the Police, while cross examining Mrs. Mgbogo, told the court that the man died from exhaustion suffered at Taraba State Prison where he was imprisoned before the police brought him to Onitsha but the widow told the court that the police tortured her husband to death in her presence. Meanwhile, Onitsha branch of Izzi Nnodo Progressive Union, Ebony State, has made an application before an Anambra State High Court, sitting in Ogidi, idemili North Local Government Area for the release of the remains of the deceased, Raymond Mgbogo, who allegedly died in police detention in 2008. In the matter of an application for damages for wrongful torture to death of Rayomond Mgbogo and the releas...
Read more