• Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Facebook X (Twitter) Instagram
Sunday, July 20
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram
Oriental News Nigeria
  • Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Oriental News Nigeria
Home»Energy»Oil & Gas»Oil Heading For Biggest Weekly Loss This Year
Oil & Gas

Oil Heading For Biggest Weekly Loss This Year

By orientalnewsngMarch 17, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Yemisi Izuora

Oil headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response to the rout from OPEC and its allies.

West Texas Intermediate futures rose above $69 a barrel on Friday, but are still down about 10% for the week. OPEC+ chiefs from Saudi Arabia and Russia met in Riyadh on Thursday, and discussed efforts by the group to “promote market balance and stability.” The cartel’s monitoring committee, which can recommend a change in production, is scheduled to meet on April 3.

OPEC+ will likely sit tight and monitor the market unless Brent drops below $70 a barrel for a sustained period, according to industry consultant FGE, while Energy Aspects said the producer group will probably wait for financial markets to calm before deciding whether to react.

Troubles at Credit Suisse Group combined with options covering to drive oil to its lowest level in 15 months this week. While markets are starting to see some stability, investors will also be watching to see if the Federal Reserve will hike interest rates again next week following the turmoil.

“External factors continue to dictate price action for oil,” said Warren Patterson, head of commodities strategy for ING Groep NV. “The scale of the selloff in oil will likely be a concern for OPEC+, but they are unlikely to take quick action, instead they will probably wait for the dust to settle.”

Oil may struggle to make robust gains in the near term, with OPEC this week forecasting a modest surplus in the second quarter, a typical period of soft demand before the summer. The International Energy Agency also said that the market was already in surplus on stubborn Russian output.

Share this:

  • Share
  • Click to email a link to a friend (Opens in new window) Email
  • Tweet
  • Click to share on Reddit (Opens in new window) Reddit
orientalnewsng

Related Posts

Dangote Refinery Insists Retail Outlets To Sustain Recommended Pump Prices

July 19, 2025

Oil Prices Rises On EU Sanctions Against Russia 

July 19, 2025

Chevron Completes $53 Billion Hess Corporation Acquisition 

July 19, 2025

Leave A Reply Cancel Reply

2025 OrientalNews Conference

0
Years
:
0
Months
:
0
Days
:
0
Hrs
:
0
Mins
:
0
Secs
The latest
  • Lagos To Build More Technical Colleges 
  • FMDQ Academy Launches In-Personnel Financial Training 
  • First Bank Achieves N1 Trillion In Digital Loan Disbursement 
  • SanlamAllianz Nigeria Launches Nationwide Writing Competition 
  • Olukoyede Warns Against Naira Abuse 
  • Tinubu Eulogizes Dantata’s Integrity 
  • FG Denies Involvement In First HoldCo Share Acquisition 
  • NCS Spokesman To Receive Top Nigeria 2025 PR Award 
  • PenOP Holds Cancer Awareness Session For Young Professionals 
  • NSML Reaffirms Commitment To Capacity Building
Categories
Quick Links
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram YouTube LinkedIn
Copyright © 2025 Oriental News Nigeria. All right reserved.

Type above and press Enter to search. Press Esc to cancel.