oil prices
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Africa
Rising oil prices impacts Nigeria apex bank’s capital controls and Forex
Nigeria, Africa’s top oil producer and home to the second-largest reserves on the continent, is expected to benefit from the rise in oil prices in many ways. Oil prices are currently inching closer to $70 per barrel as the positive outlook of a return to global economic recovery swells investor sentiments. Historically, there has been a strong positive correlation between…
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Finance
Kuwait disburses $780 million to 700 citizens
The finance ministry approved the disbursal this week following a June 1 request from the manpower authority, which said the payments were “to preserve the national employment gains in the private sector and enhance job security for this segment”. Kuwait’s finances have been squeezed by the twin shock of the coronavirus pandemic and low oil prices. Despite its vast wealth,…
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Energy & Environment
Oil rises on signs of firmer demand, fall in U.S. crude stocks
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in the U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains. Brent crude futures for July delivery were up 23 cents, or 0.7 per cent, at $34.88 per barrel at 0347 GMT. The U.S. West Texas Intermediate (WTI) crude futures for…
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Energy & Environment
Oil price will likely fall further, global agency says
A global energy agency says the oil market has further to drop as supplies from the U.S. show no sign of slowing. The International Energy Agency, a watchdog that represents the world’s main oil-importing nations, says in a monthly report that the recent stabilization in oil prices is “precarious.” “Behind the facade of stability, the rebalancing triggered by the price…
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