• Advert Rate
Thursday, November 23, 2023
  • Login
TVC News
  • World News
  • Politics
  • Business
  • Sport
  • Tech
  • Health
  • Entertainment
  • Show
    • Election 2023
    • Journalist Hangout
    • Issue With Jide
    • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy
No Result
View All Result
  • World News
  • Politics
  • Business
  • Sport
  • Tech
  • Health
  • Entertainment
  • Show
    • Election 2023
    • Journalist Hangout
    • Issue With Jide
    • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy
No Result
View All Result
TVC News
No Result
View All Result

Oil prices hit highest, climbs $69.10/barrel

Oil-price-decline-diversificationTVCNews
Share on FacebookShare on Twitter

Oil prices hit their highest levels since 2014 on Wednesday, January 10, due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.42 a barrel, up 46 cents, at 1024 GMT. Earlier prices rose to $63.57, the highest since Dec. 9, 2014.

Brent crude futures LCOc1 were at $69.10 a barrel, 28 cents above their last close. Brent touched $69.29 in late Tuesday trading, the highest since May 2015.

The Organization of the Petroleum Exporting Countries, together with Russia and a group of other producers, last November extended an output-cutting deal to cover all of 2018.

Advertisement

The cuts were aimed at reducing a global supply overhang that had dogged oil markets since 2014.

The American Petroleum Institute said late on Tuesday that U.S. crude inventories fell by 11.2 million barrels in the week to Jan. 5, to 416.6 million barrels. This came as the U.S. Energy Information Administration (EIA) raised its 2018 world oil demand growth forecast by 100,000 barrels per day (bpd) from its previous estimate.

Official EIA stocks data is due at 1530 GMT on Wednesday. Amid the Bull Run, which has pushed up crude prices by more than 13 percent since early December, there are indicators of an overheated market.

In the United States, crude oil production C-OUT-T-EIA is expected to hit 10 million bpd next month, leaving only Russia and Saudi Arabia at higher levels. In Asia, the world’s biggest oil-consuming region, refiners are suffering from high prices and ample fuel supplies.

Advertisement

Asian oil prices are higher than in the rest of the world. While Brent and WTI are below $70 per barrel, the average price for Asian crude grades has risen to $70.62.

Related posts:

Default ThumbnailOil rises toward $56 on Libyan field shutdown, Syria OPEC, non-OPEC members meet August 7 on production cut OPEC, Russia meet to extend record oil cuts, push for compliance Nigeria to save $31.4bn on crude oil production Oil drops after OPEC+ output deal, but markets to stay tight Russia plans to sign deal with OPEC Crude oil prices stay stable at International market Iraq oil ministry announces fuel exports to Lebanon in 2021
Next Post
Installation ceremony: Use your office well, President Buhari to Gani Adams

Installation ceremony: Use your office well, President Buhari to Gani Adams

YouTube player
Trending News

We bring you all the latest and breaking news happening in Nigeria. You will also find interesting headline topics from news from around the world on different topical issues in Politics, Health, Business, Entertainment, Environment, Sports, and more.

Follow Us

  • HOME
  • Privacy & Policy
  • ADVERT RATE
  • Contact

© 2022 TVC Communications - Owner of TVC News

No Result
View All Result
  • World News
  • Politics
  • Business
  • Sport
  • Tech
  • Health
  • Entertainment
  • Show
    • Election 2023
    • Journalist Hangout
    • Issue With Jide
    • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy

© 2022 TVC Communications - Owner of TVC News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In