Gold price up as COVID-19 cases rise, U.S-China tensions heighten The dollar’s rise to a near two-week high in the pre

Gold price up as COVID-19 cases rise, U.S-China tensions heighten

The dollar’s rise to a near two-week high in the previous session subdued gold’s advance.

Published 1 min ago on June 19, 2020By Victor Enengedi Gold market

Gold price was up on Friday morning in Asia, backed by an increasingly rising number of COVID-19 cases in China as well as heightened tensions between the United States and China.

In Beijing, 25 new COVID-19 cases were reported and these cases were linked to an outbreak in Xinfadi market which now stands at almost 200. There was also an increased number of cases in many states of the U.S.

On the tensions between both developed nations, U.S President Donald Trump, also warned on Thursday that cutting ties with China was still a possibility. This came just a day after Secretary of State Mike Pompeo, met China’s top diplomat Yang Jiechi in Hawaii.

Consequently, Gold futures?were up by 0.25% at $1,735.35 by 12:19 AM ET (5:19 AM GMT), with investors turning to the asset as a safe store of value especially given the politically and financially uncertain times.

However, the dollar’s rise to a near two-week high in the previous session subdued gold’s advance.

GTBank 728 x 90

What you need to know about Gold

Gold is a valuable metal, often?been used by jewellers and the wealthy as a status symbol dating back to ancient periods. Global investors use precious metals like gold to hedge against inflation. It should also be noted that the U.S dollar is backed by gold.

Victor Enengedi CLICK TO COMMENT

COMMODITIESNigeria’s potential crude oil reserves expected to fall by 6 billion barrels

The company expects potential reserves in Nigeria to fall further by 6 billion barrels.

Published 5 hours ago on June 19, 2020By William Ukpe Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives

Norwegian independent energy research firm, Rystad Energy has published its annual global energy outlook for 2020. The company expects potential reserves in Nigeria to fall further by 6 billion barrels.

Rystad in its report says that COVID-19 pandemic which is being experienced globally will affect the demand for oil and thus, put a lid on exploration in remote offshore areas, further reducing world’s recoverable oil by around 282 billion barrels.

“In Nigeria, after a decade long debate on oil policy reforms, potential reserves are expected to fall further by 6 billion barrels,“ the report said.

For North Africa, Rystad expects production to fall further by 4 billion barrels in Libya due to no imminent peace in the country, while in Algeria, shale exploration potential is expected to reduce by 7 billion barrels.

For North Africa the company expects production to fall further by 4 billion barrels in Libya due to no imminent peace, while Algeria Shale Exploration potential is expected to reduce by 7 billion Barrels.

GTBank 728 x 90

“OPEC countries are expected to lose 21 billion barrels of reserves potential as the negative developments in Venezuela and Iran outweigh the increased strength and reserves potential of core OPEC countries in Arab Gulf region,” Head of Analysis, Per Magnus Nysveen said.

“Non-OPEC countries account for the lion’s share is lost recoverable resources with more than 260 billion barrels of undiscovered oil now more likely to be left untouched,” Nysveen added.

The firm foresees Saudi Arabia to be the clear winner of the OPEC+ agreement, and expects the oil-rich nation to add 25 billion barrels to future production.

Rystad Energy releases its annual outlook following the publication of the BP Statistical Review to provide an independent, solid and clear comparison of how the year has changed the world’s energy landscape.

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CONTINUE READINGCOMMODITIESBrent crude recovers to 90% of pre-coronavirus levels, as global demand rises

The oil market is stabilising amidst compliance of OPEC+ members with the agreement to cut oil production.

Published 23 hours ago on June 18, 2020By William Ukpe Brent Crude, Buhari announces $200m intervention funds for local oil firms, disbursements for mortgages

After reaching record lows of $16 a barrel in April, global crude oil benchmark, Brent crude, has seen a stable recovery around the $40 range this month.

The rising demand for brent crude was led by China, with its large appetite for oil, followed by Europe and North America. This shows a stable growing demand for crude in the coming months.

READ ALSO: NNPC GMD says recent oil price surge is cosmetic, driven by sentiments

Global oil trader Vitol expects demand to rise by 1.4 million barrels a day in June. Meanwhile, Trafigura, another multinational oil trader, says that oil demand is back to 90% of levels before the Coronavirus pandemic crashed demands – a view that Saudi’s Aramco also supports.

GTBank 728 x 90

The oil market is stabilising amidst compliance of OPEC+ members with the agreement to cut oil production.

Trafigura’s co-head of oil trading, Ben Luckock told Bloomberg, “At $40 a barrel, we can trade a few dollars higher and a few lower. But for the first time in a few months you can see a range. The market stability is here to stay. The physical market is strong.”

Last week, Nigeria’s Vice President, Yemi Osinbajo revealed in one of the Sustainability Committee’s reports that Nigeria is expected to earn N88.4 billion monthly at an average crude price of $30.

Download the Nairametrics News App

The new oil stability around $40, which is above the sustainability committee’s benchmark, will help oil-dependent nations like Nigeria breathe a sigh of relief.

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CONTINUE READINGCOMMODITIESBrent Crude falls, U.S Crude Oil Inventories record a two week high

Brent crude is the leading global benchmark for Atlantic basin crude oils.

Published 2 days ago on June 18, 2020By Olumide Adesina Banking crisis imminent over debt by independent oil producers, Crude oil prices up 32% though report still paints gloomy picture Crude oil prices up 32% though report still paints gloomy picture, Hope for Higher Oil Prices., Nigeria’s oil crisis compounded as India’s fuel demand crash by 60% , Nigeria’s Bonny light hits $25 dollars, Saudi pledges more oil cuts

Brent crude futures dropped 0.70%, to sell at $40.40 a barrel today at 4.54 am local time. The Crude oil international benchmark contract lost about 25 cents yesterday.

Strengthening concerns about global energy demand increased momentum after a surge in COVID-19 caseloads around the world led China to postpone flights and close schools.

In addition, a surge in U.S. crude inventories to a record high in two weeks, dampened oil traders’ bullish sentiments even though the U.S government data showed stockpiles for distillate and gasoline dropped.

Understanding Brent Crude; Brent crude is the leading global benchmark for Atlantic basin crude oils. The international benchmark is used to set the price of crude oil of about two-thirds of the world’s traded crude oil including Nigeria’s crude.

GTBank 728 x 90

“People are concerned about the coronavirus resurging in China and crude stockpiles rising,” said Lachlan Shaw, head of commodity research at National Australia Bank.

Consequently, to tackle weakened oil demand, OPEC and its major allies agreed to a record supply cut that started last month, while Nigeria and other major oil-producing countries pledged to produce less crude oil, in other to support crude oil prices. OPEC said these cuts were already serving its purpose.

“The oil market was strongly supported by a reduction of the global crude oil surplus, thanks mainly to the historic voluntary production adjustment agreement,” OPEC said, adding it saw a “gradual recovery” in demand until the end of the year.

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STOCK MARKET2 hours agoDANGOTE CEMENT, OKOMUOIL and GUINNESS turn Nigerian Bourse BearishNigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives

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Gold price up as COVID-19 cases rise, U.S-China tensions heighten

The dollar’s rise to a near two-week high in the previous session subdued gold’s advance.

Published

1 min ago

June 19, 2020

Victor Enengedi

Gold price was up on Friday morning in Asia, backed by an increasingly rising number of COVID-19 cases in China as well as heightened tensions between the United States and China.

In Beijing, 25 new COVID-19 cases were reported and these cases were linked to an outbreak in Xinfadi market which now stands at almost 200. There was also an increased number of cases in many states of the U.S.

On the tensions between both developed nations, U.S President Donald Trump, also warned on Thursday that cutting ties with China was still a possibility. This came just a day after Secretary of State Mike Pompeo, met China’s top diplomat Yang Jiechi in Hawaii.

Consequently, Gold futures were up by 0.25% at $1,735.35 by 12:19 AM ET (5:19 AM GMT), with investors turning to the asset as a safe store of value especially given the politically and financially uncertain times.

However, the dollar’s rise to a near two-week high in the previous session subdued gold’s advance.

What you need to know about Gold

Gold is a valuable metal, often been used by jewellers and the wealthy as a status symbol dating back to ancient periods. Global investors use precious metals like gold to hedge against inflation. It should also be noted that the U.S dollar is backed by gold.

RELATED TOPICS:CHINA COVID-19 GOLD UNITED STATES OF AMERICA

Victor Enengedi

CLICK TO COMMENT

COMMODITIES

Nigeria’s potential crude oil reserves expected to fall by 6 billion barrels

The company expects potential reserves in Nigeria to fall further by 6 billion barrels.

Published

5 hours ago

June 19, 2020

William Ukpe

Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives

Norwegian independent energy research firm, Rystad Energy has published its annual global energy outlook for 2020. The company expects potential reserves in Nigeria to fall further by 6 billion barrels.

Rystad in its report says that COVID-19 pandemic which is being experienced globally will affect the demand for oil and thus, put a lid on exploration in remote offshore areas, further reducing world’s recoverable oil by around 282 billion barrels.

“In Nigeria, after a decade long debate on oil policy reforms, potential reserves are expected to fall further by 6 billion barrels,“ the report said.

For North Africa, Rystad expects production to fall further by 4 billion barrels in Libya due to no imminent peace in the country, while in Algeria, shale exploration potential is expected to reduce by 7 billion barrels.

For North Africa the company expects production to fall further by 4 billion barrels in Libya due to no imminent peace, while Algeria Shale Exploration potential is expected to reduce by 7 billion Barrels.

“OPEC countries are expected to lose 21 billion barrels of reserves potential as the negative developments in Venezuela and Iran outweigh the increased strength and reserves potential of core OPEC countries in Arab Gulf region,” Head of Analysis, Per Magnus Nysveen said.

“Non-OPEC countries account for the lion’s share is lost recoverable resources with more than 260 billion barrels of undiscovered oil now more likely to be left untouched,” Nysveen added.

The firm foresees Saudi Arabia to be the clear winner of the OPEC+ agreement, and expects the oil-rich nation to add 25 billion barrels to future production.

Rystad Energy releases its annual outlook following the publication of the BP Statistical Review to provide an independent, solid and clear comparison of how the year has changed the world’s energy landscape.

COMMODITIES

Brent crude recovers to 90% of pre-coronavirus levels, as global demand rises

The oil market is stabilising amidst compliance of OPEC+ members with the agreement to cut oil production.

Published

23 hours ago

June 18, 2020

William Ukpe

Brent Crude, Buhari announces $200m intervention funds for local oil firms, disbursements for mortgages

After reaching record lows of $16 a barrel in April, global crude oil benchmark, Brent crude, has seen a stable recovery around the $40 range this month.

The rising demand for brent crude was led by China, with its large appetite for oil, followed by Europe and North America. This shows a stable growing demand for crude in the coming months.

Global oil trader Vitol expects demand to rise by 1.4 million barrels a day in June. Meanwhile, Trafigura, another multinational oil trader, says that oil demand is back to 90% of levels before the Coronavirus pandemic crashed demands – a view that Saudi’s Aramco also supports.

The oil market is stabilising amidst compliance of OPEC+ members with the agreement to cut oil production.

Trafigura’s co-head of oil trading, Ben Luckock told Bloomberg, “At $40 a barrel, we can trade a few dollars higher and a few lower. But for the first time in a few months you can see a range. The market stability is here to stay. The physical market is strong.”

Last week, Nigeria’s Vice President, Yemi Osinbajo revealed in one of the Sustainability Committee’s reports that Nigeria is expected to earn N88.4 billion monthly at an average crude price of $30.

Download the Nairametrics News App

The new oil stability around $40, which is above the sustainability committee’s benchmark, will help oil-dependent nations like Nigeria breathe a sigh of relief.

COMMODITIES

Brent Crude falls, U.S Crude Oil Inventories record a two week high

Brent crude is the leading global benchmark for Atlantic basin crude oils.

Published

2 days ago

June 18, 2020

Olumide Adesina

Banking crisis imminent over debt by independent oil producers, Crude oil prices up 32% though report still paints gloomy picture Crude oil prices up 32% though report still paints gloomy picture, Hope for Higher Oil Prices., Nigeria’s oil crisis compounded as India’s fuel demand crash by 60% , Nigeria’s Bonny light hits $25 dollars, Saudi pledges more oil cuts

Brent crude futures dropped 0.70%, to sell at $40.40 a barrel today at 4.54 am local time. The Crude oil international benchmark contract lost about 25 cents yesterday.

Strengthening concerns about global energy demand increased momentum after a surge in COVID-19 caseloads around the world led China to postpone flights and close schools.

In addition, a surge in U.S. crude inventories to a record high in two weeks, dampened oil traders’ bullish sentiments even though the U.S government data showed stockpiles for distillate and gasoline dropped.

Understanding Brent Crude; Brent crude is the leading global benchmark for Atlantic basin crude oils. The international benchmark is used to set the price of crude oil of about two-thirds of the world’s traded crude oil including Nigeria’s crude.

“People are concerned about the coronavirus resurging in China and crude stockpiles rising,” said Lachlan Shaw, head of commodity research at National Australia Bank.

Consequently, to tackle weakened oil demand, OPEC and its major allies agreed to a record supply cut that started last month, while Nigeria and other major oil-producing countries pledged to produce less crude oil, in other to support crude oil prices. OPEC said these cuts were already serving its purpose.

“The oil market was strongly supported by a reduction of the global crude oil surplus, thanks mainly to the historic voluntary production adjustment agreement,” OPEC said, adding it saw a “gradual recovery” in demand until the end of the year.