Top Story

Oil prices high due to fall in U.S supplies

501

Oil prices climbed Wednesday on indications of falling U.S. crude supplies, with a key industry report due later.

August West Texas Intermediate crude CLQ19, +2.39% rose $1.27, or 2.2%, to $59.09 a barrel, after falling fractionally on Tuesday. The contract wrapped up trading Monday at $57.90, the highest front-month contract finish since May 29, according to Dow Jones Market Data. Prices rose 8.8% for last week, the biggest weekly percentage climb since the week ended Dec. 2, 2016.

International benchmark August Brent crude BRNQ19, +1.52% gained 90 cents, or 1.4%, to $66.05 a barrel. Brent rose 0.3% to $65.05 on Tuesday. Last Friday, the contract saw its highest close—at $65.20—since May 30 and gained more than 5% last week.

 

Leave a comment

Related Articles

‘Enough is Enough’: Tinubu Condemns Benue Violence, Promises Action

President Bola Tinubu has condemned the recent bloodletting in Benue State, directing...

Federal Agric Ministry Mobilizes Staff for Fasting and Prayer Amid Food Insecurity Concerns

In response to the growing challenge of food insecurity across the nation,...

Breaking: Iran Launches Ballistic Missiles at Israel in Major Escalation

Iran has confirmed it launched a barrage of ballistic missiles at Israel,...

Nnamdi Kanu Trial: Court Moves Venue to DSS Headquarters

A Federal High Court in Abuja has ordered the temporary relocation of...

Entire Family Wiped Out: Doctor Couple and 3 Children Among Victims of India Plane Crash

A husband and wife, both doctors and their three children including a...

Tinubu Hails Abiola, Lauds Buhari’s June 12 Democracy Day Recognition

President Bola Tinubu has paid a heartfelt tribute to the late Chief...

Pres. Tinubu Confers National Honours on Soyinka, Falana, Kukah, Kudirat Abiola, Nwosu, 60 Others

President Bola Tinubu has conferred national honours on 64 individuals, including Nobel...

Tinubu’s Democracy Day Speech: Security Beefed Up at National Assembly

Security measures have been significantly escalated at the National Assembly complex in...

Investing in Infrastructure Critical to Nigeria’s Economic Growth – Tinubu

President Bola Tinubu said on Wednesday that his administration’s guiding philosophy is...

Abuja Welcomes 68th UN Tourism Commission for Africa Meeting, Shettima Declares Open

Vice President Kashim Shettima officially inaugurated the 68th meeting of the UN...

Tinubu to Open International Conference on Public Service Excellence in Abuja

Abuja is set to host a week-long international conference aimed at promoting...

Sen. Natasha: Akpabio’s Motions Struck Out, N100,000 Fine Imposed by Appeal Court

The Court of Appeal in Abuja has struck out two motions filed...

Just in: Wike renames Abuja International Conference Centre after Tinubu

The Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, has...

Just in: Pres. Tinubu’s aide resigns

President Bola Tinubu’s Senior Special Assistant on Public Affairs, Aliyu Audu, has...

Media Excellence: Femi Soneye Wins Champion Newspapers’ 2024 Media Manager Award

A wave of pride washes over the Nigerian National Petroleum Company Limited...

Tinubu to Honour Senators, Reps with National Awards on June 12

President Bola Tinubu will confer national honours on select federal legislators on...

Just In: Tinubu, Sanwo-Olu Hold Crucial Meeting, Quell Feud Rumours

President Bola Tinubu and the Lagos State Governor Babajide Sanwo-Olu held a...

Ojude Oba Festival 2025: A Dazzling Display of Glamour, Culture and Tradition, Uniting Ijebus

  The Ojude Oba Festival 2025 unfolded in spectacular fashion on Sunday,...

June 12 Declared Public Holiday to Commemorate Democracy Day

The Federal Government has announced that Thursday, June 12, 2025, will be...

Sallah Tragedy: Man Under Influence of Substance Falls into Well, Dies

A 43-year-old man, identified only as Kazeem, from the Edun area of...