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

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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.


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Haaland’s Condition Revealed? Maresca Issues Fresh Injury Update.

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Manchester City have been handed a potential boost after Erling Haaland appeared to suffer an injury scare during their 3-2 Premier League victory over Ipswich Town at the Etihad Stadium on Saturday, October 17.....KINDLY READ THE FULL STORY HERE▶

The Norwegian striker scored twice to help City secure the three points but sparked concerns late in the encounter after sustaining a blow to his foot.

Haaland appeared to be struggling as he made his way off the pitch, leaving the club awaiting further medical examinations to determine the severity of the injury.

However, Maresca expressed optimism after the match, revealing that the striker had assured him he was feeling fine.

“We will see. I asked him, and he said he was OK, so hopefully it is nothing serious,” the manager said.

The Italian also disclosed that several other players sustained knocks during the closing stages of the match, raising concerns over their availability for upcoming fixtures.

“Unfortunately, in 10 minutes we had four or five players, Matheus [Nunes], Kova [Mateo Kovacic], Erling, Antoine [Semenyo], and Nico [O’Reilly] also, but they are inside now, and we will see,” he added.

Maresca did not provide further information about the condition of the affected players, with medical assessments expected to clarify the extent of their injuries and whether they will be available for the team’s next matches.

Despite the late injury worries, Manchester City emerged victorious after an entertaining contest against Ipswich Town, maintaining their strong start to the Premier League campaign and consolidating their position at the top of the standings.

The result also marked a notable achievement for Maresca, who, according to the supplied report, became the first manager in Premier League history to win his opening seven matches in charge.

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Kogi LG Election: APC Records Clean Sweep, Wins Every Chairmanship And Councillorship Seat.

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The All Progressives Congress (APC) has secured all 21 chairmanship positions and 239 councillorship seats in the local government elections held in Kogi State on Saturday.....KINDLY READ THE FULL STORY HERE▶

reports that the Kogi State Independent Electoral Commission (KOSIEC), which conducted the election, announced the results after completing the collation exercise at its headquarters in Lokoja.

Announcing the outcome, KOSIEC Chairman, Mamman Nda-Eri, disclosed that the ruling party won every chairmanship and councillorship position across the state’s 21 local government areas and 239 wards.

Nda-Eri described the election as peaceful and credible, stating that the exercise was conducted in accordance with established electoral guidelines.

He also praised security agencies, election observers, journalists and voters for their orderly conduct throughout the process.

According to the commission’s chairman, the election brought to a close the 13 activities outlined by KOSIEC for the 2026 local government polls, a process that commenced nearly a year ago.

He added that the successful candidates would be presented with their Certificates of Return in due course.

The outgoing local government chairmen and councillors, who assumed office on October 23, 2024, are expected to leave office this month following the expiration of their two-year tenure, in accordance with the state’s electoral law.

In a related development, Adefolaseye Adebayo, the Nigeria Democratic Congress (NDC) candidate for the Surulere I Federal Constituency seat in the Lagos State House of Representatives election, has accused the APC of allegedly plotting to prevent her party from appearing on the ballot in the 2027 general elections.

Naija News reports that Adebayo, who also serves as the South-West Coordinator of the OK Movement, made the allegation in a video posted on her X account on Saturday.

She claimed that some individuals were working to ensure the NDC would not be listed on the ballot for the Surulere I Federal Constituency race.

Adebayo further alleged that a similar situation occurred during the 2023 general elections, when she was a member of the Labour Party.

She urged the NDC leadership and Nigerians to pay attention to the alleged plan and take steps to prevent a recurrence in the forthcoming elections.

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BREAKING: Ranchers Bees Sack Usman Abd’Allah After Poor NPFL Start/

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Ranchers Bees have mutually agreed to part ways with their technical adviser, Usman Abd’Allah, following the club’s disappointing start to the 2026/27 Nigeria Premier Football League (NPFL) season.....KINDLY READ THE FULL STORY HERE▶

The Kaduna-based club announced the development on Sunday, October 18, two days after suffering a 3-1 defeat to Shooting Stars at the Lekan Salami Stadium in Ibadan.

The loss brought an end to Abd’Allah’s 115-day tenure at the club.

The former Enyimba and Kano Pillars manager recorded two victories and two draws in nine league matches, suffering five defeats during his time in charge.

His departure leaves Ranchers Bees in 18th position on the league table with eight points as they continue their struggle to escape the relegation zone.

The club’s management is expected to appoint an interim coach while working to secure a permanent replacement for the departing tactician.

Meanwhile, Shooting Stars defender Adelowo Gbolagade celebrated a significant milestone during his side’s victory over Ranchers Bees, making his 100th appearance in the NPFL.

The Oluyole Warriors congratulated the defender through their official X account, with the achievement coming as the club ended a five-match winless run.

Gbolagade will be hoping to make his 101st league appearance when Shooting Stars travel to Lagos next Sunday to face Ikorodu City.

Elsewhere, Inter Lagos interim coach Olusanjo Olutayo will be aiming for his first victory when his team host Nasarawa United at 4 p.m. on Sunday.

Olutayo assumed responsibility following the resignation of Shakiru Giwa, with Inter Lagos languishing at the bottom of the standings on just two points from eight matches.

The club have also suffered a deduction of three points and three goals for violating NPFL framework rules during their Matchday 7 encounter against Katsina United.

Nine-time Nigerian champions Enyimba will equally be seeking a response when they welcome Warri Wolves to Aba after losing 4-2 to Katsina United last weekend.

The People’s Elephant occupy 19th position with seven points from eight matches, while Warri Wolves sit 14th with 10 points following their 3-1 victory over Inter Lagos.

In another Matchday 9 fixture, unbeaten Rivers United will host Barau at the Adokiye Amiesimaka Stadium in Port Harcourt.

Rivers United are second on the table with 16 points, just one behind league leaders Rangers. They have scored 13 goals and conceded only two in eight matches.

Barau, who occupy fifth position with 12 points, will head into the encounter looking to build on their 2-2 draw against Rangers.

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