An offshore derrick rig drilling for oil
BreakingBusinessOil & GasTop StoryTrending Story

Oil Prices Under Pressure Across The Globe As Economic Concerns Mount

1.3k

Oil prices fell in Asian trading early on Thursday, losing ground for a fourth consecutive day, as market participants are concerned about the pace of China’s economic growth while keeping an eye on the Jackson Hole Fed meeting starting today, which could shed more light on whether interest rates would remain higher for longer.

In early Asian trading on Thursday, both benchmarks were down by around 0.3% as the market ignored a large U.S. crude draw reported on Wednesday and remained focused on the underwhelming Chinese economic recovery.

WTI crude, the U.S. benchmark, slipped this week to a one-month low and traded at around $78.60 a barrel in early Asian trading on Thursday. The international benchmark, Brent Crude, had slipped below $83 per barrel and traded at around $82.90 after hitting a four-month high of over $87 a barrel in early August.

Leave a comment

Related Articles

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

Just in: Senate approves Tinubu’s $2.2 bln loan request

The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2...

Just in: Reps reject bill for six-year single tenure for president, governors

The House of Representatives rejected a constitutional amendment bill on Thursday seeking...

Just in: Simon Ekpa, four others arrested in Finland over terror-related activities

Finnish-Nigerian separatist agitator, Simon Ekpa, and four others have been arrested in...

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Just in: FG sacks Nnamdi Azikiwe University VC

The Vice-Chancellor of Nnamdi Azikiwe University, Awka, Anambra State, Prof. Bernard Odoh,...

Senate raises alarm over fresh terrorists’ invasion from Mali, Burkina Faso, urges FG’s action 

Upset by the invasion of terrorists known as Lakurawa into Northern Nigeria...

Boko Haram/ISWAP terrorists’ ambush: Defence HQ confirms killing of 5 soldiers in Borno

The Defence Headquarters has confirmed that Boko Haram/ISWAP terrorists ambushed troops conducting...

Tinubu writes NASS for approval of $2.2bln fresh external loan

President Bola Tinubu has written to the National Assembly, seeking the approval...

NNPC Ltd’s spokesman, Soneye, explains delay in Port Harcourt Refinery rehabilitation, assures of imminent completion

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has acknowledged the challenges...

FirstBank Hosts First-ever China-Africa Interbank Association Forum

FirstBank, the premier West African financial institution and financial inclusion service provider,...

AFCON Qualifier: Nigeria’s Super Eagles Suffer Shocking 2-1 Loss to Rwanda

Nigeria’s Super Eagles concluded their Africa Cup of Nations Group D qualifiers...

Tax reform bills: Nigeria struggling with tax-to-GDP ratio below World Bank’s 15 % benchmark – Speaker Abbas

Mr. Tajudeen Abbas, the Speaker of the House of Representatives, has expressed...

Just in: Again, Anambra sit-at-home claims four vigilance operatives, motorcyclist

Gunmen enforcing Monday’s sit-at-home order in Anambra State launched a deadly attack,...

Tinubu departs Abuja for G20 leaders’ summit in Brazil

President Bola Tinubu will depart Abuja for Rio de Janeiro, Brazil, on...

First Bank changes its name to First Holdco Plc, brand name to FirstHoldco

First Bank of Nigeria (FBN) Holdings Plc is to change its name...

Breaking: APC’s Aiyedatiwa in landslide victory, wins all 18 LGAs in Ondo guber poll

The All Progressives Congress Candidate, Gov. Lucky Aiyedatiwa, has swept the 2024...

Crude oil thieves now use SUVs to beat security operatives – Rivers NSCDC

A new method of stealing crude oil and transporting illegally refined petroleum...

Ondo guber poll: Aiyedatiwa votes, says exercise peaceful, PDP raises alarm over thugs invasion

As the Ondo State governorship election kicks off on Saturday, Gov. Lucky...