- Crude oil prices rose to $94.94 per barrel due to supply constraints and increased demand, with WTI trading at $94.42
- Falling US crude inventories contributed to the tighter supply outlook, while gasoline prices fell, and natural gas prices rose
Crude oil, the global benchmark for oil prices, rose to $94.94 a barrel yesterday, up from $94.36 a barrel in the previous trading session on Wednesday.
The increase of 0.61 percent is due to crude supply constraints and an improved demand outlook.
In addition, the American benchmark West Texas Intermediate (WTI) traded at $94.42 per barrel, up 0.79 percent from its close on Wednesday of $93.68 per barrel.
Both benchmarks are trading near their year highs as falling US crude inventories feed a tighter supply outlook.
According to industry figures from the international oil market, prices rose on Thursday. Data showing increased demand in the United States, the world’s largest oil consumer, contributed to fears of tight global supplies.
According to data released by the Energy Information Administration (EIA) on Wednesday, US commercial crude oil inventories fell by around 2.2 million barrels to 416.3 million barrels, compared to the American Petroleum Institute’s expectation of a 1.6 million barrel increase.
However, gasoline fell by $0.044 or 1.68 percent to N2.555, while natural gas rose by $0.006 or 0.21 percent to $2.905.
Qua Iboe and Brass River in Nigeria each gained $2.01, or 2.07 and 2.06 percent, to close at $99.18 and $99.43, respectively.
22 suspected oil thieves apprehended as military foils N388 million crude oil theft
On Thursday, the military high command announced that during operations in the Niger Delta region, they successfully prevented the theft of crude oil valued at N388,469,650.00. Additionally, they apprehended 22 individuals suspected of being involved in oil theft.
Maj shared this information. Gen. Buba Edward, the Director of Defence Media Operations, discussed the military’s recent activities during a press briefing in Abuja.
Edward said, “Troops in the Niger Delta discovered and destroyed 38 dugout pits, 21 boats, 57 storage tanks, three tapping hoses, four drum receivers, 89 cooking ovens, six pumping machines, three outboard engines, and 34 illegal refining sites. Troops recovered 696,250 litres of stolen crude oil, 54,400 litres of illegally refined AGO, and 1,200 litres PMS.
Giving an update on the counter-insurgency fight, the military spokesman said a total of 191 terrorists were killed while 184 were arrested in the last one week.
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