Connect with us

latest

Oil Crashes to 17-Week Low As U.S. Shutdown And OPEC Moves Shake Markets

Published

on

According to IREPORTERONLINE, oil prices slid to a 17-week low yesterday, extending losses for a third consecutive session, weighed down by the U.S. government shutdown, weak economic signals, and expectations of fresh supply from OPEC+. Brent crude futures dropped by 72 cents, or 1.1 percent, settling at $65.31 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 68 cents, or 1.1 percent, to $61.69. This marks Brent’s lowest close since June 4 and WTI’s weakest since May 30. Gasoline futures in the U.S. were also on track for their lowest settlement since September 2024.....KINDLY READ THE FULL STORY HERE▶

Market analysts noted that traders are anticipating OPEC+ to raise production in November by as much as 500,000 barrels per day, mirroring September’s output hike. Sources close to ongoing discussions revealed that the group—comprising OPEC members and allies such as Russia—could approve a significant increase in output as Saudi Arabia seeks to reclaim market share. However, OPEC dismissed reports of such plans on its official X handle, describing them as misleading.

Further pressure came from U.S. inventory data. The Energy Information Administration (EIA) disclosed that crude stockpiles grew by 1.8 million barrels last week, surpassing forecasts of a 1.0-million-barrel build. This contrasted with earlier data from the American Petroleum Institute, which had indicated a drawdown of 3.7 million barrels. Analysts warned that weak exports, coupled with the broader economic uncertainty tied to Washington’s budget impasse, are dampening demand outlooks.

The U.S. government partially shut down its operations on Wednesday, stalling vital economic reports, including the September employment data. Private payroll figures also pointed to unexpected declines, heightening concerns over slowing labor market conditions. In Asia, factory activity contracted across several major economies, raising further doubts about fuel demand in the world’s largest oil-consuming region.

Meanwhile, developments in Russia added another layer of complexity. Ukrainian assaults disrupted some supply routes, though officials in Moscow maintained that the domestic fuel situation was largely under control. A fire at a major refinery in the Yaroslavl region was later extinguished, with authorities confirming it was unrelated to drone attacks. Diplomatic signals also emerged, as reports suggested that the next round of U.S.–Russia talks could take place before the end of autumn.


Advertisement

latest

Fury In Kaduna: Outrage Erupts As Government Allegedly Moves To Arrest Activist For Daring To Challenge Tinubu And Uba Sani!.

Published

on

Zamani Musa, a political activist widely known as Mycah Dangata, has reportedly been arrested by the Operation Fushin Kaduna security task force under the directive of the Kaduna State Government. Sources indicate the arrest stems from a viral video in which Musa actively campaigned against the All Progressives Congress (APC), explicitly urging residents to vote against President Bola Tinubu, Governor Uba Sani, and all party candidates in upcoming elections.....KINDLY READ THE FULL STORY HERE▶

In the recording, Musa declared his support for the National Democratic Coalition and Senator Danjuma Laah, advocating for a power shift to Southern Kaduna. Furthermore, he heavily criticized Governor Sani’s leadership style, comparing him unfavorably to his predecessor, Nasir El-Rufai. Musa accused the current administration of abandoning democratic principles by imposing candidates on communities, arguing that such actions mirror authoritarian rule.

Option 2: Concise/Condensed Version

Political activist Zamani Musa (“Mycah Dangata”) has been detained by the Operation Fushin Kaduna security force, allegedly at the behest of the Kaduna State Government. The arrest follows the circulation of a video in which Musa urged Kaduna residents to reject the APC from “top to bottom.” In the footage, he criticized Governor Uba Sani’s governance and candidate-selection process, praising former Governor Nasir El-Rufai by comparison. Musa, who supports a power shift to Southern Kaduna, specifically called for the electoral defeat of President Tinubu and Governor Sani.

Option 3: Bulleted Highlights (Best for quick reading)

  • The Incident: Activist Zamani Musa (Mycah Dangata) has been arrested by Operation Fushin Kaduna, a state security task force.

  • The Trigger: The arrest is linked to a viral video where Musa urged residents to vote out the APC at all levels, including President Tinubu and Governor Uba Sani.

  • Key Motivations: Musa expressed support for the National Democratic Coalition and a power shift to Southern Kaduna.

  • Criticism of Leadership: In the video, Musa unfavorably compared Governor Sani to former Governor Nasir El-Rufai, accusing Sani of imposing candidates on communities and undermining democratic processes.

Continue Reading

latest

Portal Lockout! Tension Mounts As NDC And LP Stand By For Submission Deadline!.

Published

on

The Nigeria Democratic Congress (NDC) has finalized its primary elections and is prepared to upload its list of successful candidates to the Independent National Electoral Commission (INEC) nomination portal. According to Osa Director, the party’s National Publicity Secretary, the NDC has fulfilled its obligations under the Electoral Act by submitting the necessary details to INEC. Director clarified that there is no legal requirement for parties to publicly publish candidate lists in newspapers, noting that the party has already contacted successful candidates to complete their nomination forms.....KINDLY READ THE FULL STORY HERE▶

NDC Ready for INEC Portal Submission The Nigeria Democratic Congress (NDC) has finalized its primary elections and is prepared to upload its list of successful candidates to the Independent National Electoral Commission (INEC) nomination portal. According to Osa Director, the party’s National Publicity Secretary, the NDC has fulfilled its obligations under the Electoral Act by submitting the necessary details to INEC. Director clarified that there is no legal requirement for parties to publicly publish candidate lists in newspapers, noting that the party has already contacted successful candidates to complete their nomination forms.

Labour Party Finalizing Nomination List The Labour Party (LP) remains on track to meet the INEC submission deadline. Ken Asogwa, the LP National Publicity Secretary, confirmed that the party’s National Executive Committee (NEC) is scheduled to meet this Thursday to ratify and approve the final nomination list before forwarding it to the commission.

Ongoing Consultations for Vice-Presidential Candidates While the NDC has solidified its ticket, both the LP and the Social Democratic Party (SDP) are in the final stages of selecting their running mates for the 2027 election:

  • Labour Party: The party has put forward Chibuzo Okereke as its presidential candidate. Asogwa noted that the selection of a running mate is nearing a conclusion, with consultations expected to be resolved shortly.

  • Social Democratic Party: The SDP is sticking with its 2023 nominee, Adewole Adebayo, for the 2027 presidential race. Rufus Aiyenigba, the SDP National Publicity Secretary, stated that Adebayo is currently engaging in extensive consultations across party structures to ensure his choice for vice-president is widely accepted and adds significant value.

NDC Solidifies 2027 Ticket To date, the NDC is the only party to have officially named a running mate. Following his victory in the party’s presidential primary, Peter Obi selected former Kano State Governor Rabiu Musa Kwankwaso as his vice-presidential candidate. Both Obi and Kwankwaso recently joined the NDC from the African Democratic Congress (ADC), citing ongoing internal conflicts and legal challenges within their former organization.

Continue Reading

latest

Locked Up For Rebellion: Man Behind Anti-Tinubu Coup Call Sent To Prison!.

Published

on

On Tuesday, a Federal High Court in Lagos ordered that Paul Jibrin Oweleke be held in the custody of the Department of State Services (DSS) regarding charges of cybercrime. Oweleke is accused of using his online platform, “Oweleke TV,” to broadcast calls for the military to overthrow President Bola Tinubu, reportedly drawing inspiration from recent takeovers in other West African nations.....KINDLY READ THE FULL STORY HERE▶

Oweleke faces two counts of incitement and utilizing a computer system to spread material considered a threat to national security and constitutional order. The DSS argued that these broadcasts were intended to incite public unrest and undermine the nation’s democratic foundations.

Entering a plea of not guilty, the defendant, through his legal counsel, noted that a bail application has already been filed and submitted to the prosecution. Justice Akintoye Aluko has adjourned the case until June 16 to hear the bail plea, ordering that Oweleke remain in DSS detention until that time. This legal action follows a similar case from two months ago, where six individuals were arraigned on charges of plotting to remove the President from office.

Continue Reading

Trending

Copyright © 2023 NIVONEWS