• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Thursday, September 18, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home OIL & ENERGY

Oil Falls Further As Asian Refiners Show Little Interest In Saudi Price Cuts

Nwanne Ikemefune by Nwanne Ikemefune
January 31, 2021
in OIL & ENERGY
0 0
0
Oil Falls Further As Asian Refiners Show Little Interest In Saudi Price Cuts

Asian Refinery Facility

0
SHARES
110
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Bloomberg) –Oil fell to its lowest intraday level since July as signs of faltering demand continue to depress prices.

Futures in London traded below $42 a barrel after dropping 1.5% on Monday. Only four of 10 Asian refiners surveyed by Bloomberg said they would be trying to buy more Saudi Arabian crude after the kingdom cut pricing for October as consumption remained below pre-virus levels. Abu Dhabi National Oil Co. joined in the price cuts on Tuesday, the latest response to a sluggish demand backdrop in the world’s biggest oil-consuming region.

A stalling Asian demand recovery, the end of the U.S. summer driving season and more supply from the OPEC+ alliance are adding up to a bleak short-term outlook for oil prices. Brent crude’s three-month timespread is nearing the widest contango — where prompt prices are cheaper than later-dated ones — since late May, an indication that concerns about oversupply are returning.

“The key concern for the market remains demand,” said Warren Patterson, head of commodities strategy at ING Bank NV. “With China having restocked in prior months, sizable fresh Chinese buying appears to be absent from the market at the moment.”

Prices:

  • Brent declined 1.5% to $41.40 a barrel at 10:17 a.m. in London
  • West Texas Intermediate for October delivery fell 3.5% from Sept. 4 to $38.38, with no settlement Monday due to a public holiday in the U.S.

Coupled with concerns over the pick up in Chinese demand, tensions are rising between the U.S. and the world’s largest importer. President Donald Trump said that he intends to curb the U.S. economic relationship with China, threatening to punish any American companies that create jobs overseas and forbid those that do business in China from winning federal contracts.

Widening contangoes in both Brent and WTI combined with a slump in tanker rates may also be starting to incentivize floating storage. Storing crude at sea has become profitable again for northwest Europe and the Mediterranean, shipbroker and exchange data compiled by Bloomberg show.

Source: World Oil
Previous Post

Brexit: Govt Steps Up No-Deal Preparations As Negotiations Enter Eight Round

Next Post

Brent Crude Climbs Above $40 On Rebounding Markets

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Oriental News Publisher, GOCOP President Push More Adoption of Gas
OIL & ENERGY

Oriental News Publisher, GOCOP President Push More Adoption of Gas

July 29, 2025
Image Spin: Energy Experts Call For Upgrading Dimension From Transitional to Transformational National Gas Plan
OIL & ENERGY

Image Spin: Energy Experts Call For Upgrading Dimension From Transitional to Transformational National Gas Plan

July 25, 2025
Shell Commends Oloibiri Lecture Series As Platform  For Change
OIL & ENERGY

Shell Commends Oloibiri Lecture Series As Platform  For Change

April 15, 2025
Next Post
Brent Crude Climbs Above $40 On Rebounding Markets

Brent Crude Climbs Above $40 On Rebounding Markets

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Omosehin

Growing Economy, Collaborative Regulatory Synergy Takes Centre Stage

September 17, 2025
Rex Insurance Chairman Calls For Stronger Insurance And Pension Frameworks For Economic Acceleration

Rex Insurance Chairman Calls For Stronger Insurance And Pension Frameworks For Economic Acceleration

September 17, 2025
SDGs Synergy Initiative Courts NAICOM Support to Deepen Insurance Awareness Among Youths

SDGs Synergy Initiative Courts NAICOM Support to Deepen Insurance Awareness Among Youths

September 17, 2025
NAIPE’ Landmark Confab Holds Tomorrow, Puts Insurance & Pension as Economy Accelerators

NAIPE’ Landmark Confab Holds Tomorrow, Puts Insurance & Pension as Economy Accelerators

September 15, 2025
Catholic Priest Implores  Nigerians Not to Downgrade Own Security Amidst Heightened Insecurity

Catholic Priest Implores Nigerians Not to Downgrade Own Security Amidst Heightened Insecurity

September 14, 2025
AIICO Insurance Launches Recycling Project For a Greener Future

AIICO Insurance Launches Recycling Project For a Greener Future

September 13, 2025
Leadway Holdings Becomes Dominant Pension Investor Acquires PAL Pensions

Leadway Group X-rays Nigeria’s New Tax Reforms and Compliance Strategies

September 13, 2025
Image Spin: ENACTUS NIGERIA@25 Honours Sovereign Trust Insurance Plc

Image Spin: ENACTUS NIGERIA@25 Honours Sovereign Trust Insurance Plc

September 13, 2025
Insurance Industry Regulator, Operators Focus on Collective Action, Sustainable Growth, Social Viability

Insurance Industry Regulator, Operators Focus on Collective Action, Sustainable Growth, Social Viability

September 11, 2025
Microphone

NAIPE 10th And Agenda Setting Conference Earns Insurance & Pension Wide Endorsements

September 11, 2025
ADVERTISEMENT

Recent News

Omosehin

Growing Economy, Collaborative Regulatory Synergy Takes Centre Stage

September 17, 2025
Rex Insurance Chairman Calls For Stronger Insurance And Pension Frameworks For Economic Acceleration

Rex Insurance Chairman Calls For Stronger Insurance And Pension Frameworks For Economic Acceleration

September 17, 2025
SDGs Synergy Initiative Courts NAICOM Support to Deepen Insurance Awareness Among Youths

SDGs Synergy Initiative Courts NAICOM Support to Deepen Insurance Awareness Among Youths

September 17, 2025
NAIPE’ Landmark Confab Holds Tomorrow, Puts Insurance & Pension as Economy Accelerators

NAIPE’ Landmark Confab Holds Tomorrow, Puts Insurance & Pension as Economy Accelerators

September 15, 2025
Catholic Priest Implores  Nigerians Not to Downgrade Own Security Amidst Heightened Insecurity

Catholic Priest Implores Nigerians Not to Downgrade Own Security Amidst Heightened Insecurity

September 14, 2025
AIICO Insurance Launches Recycling Project For a Greener Future

AIICO Insurance Launches Recycling Project For a Greener Future

September 13, 2025
Leadway Holdings Becomes Dominant Pension Investor Acquires PAL Pensions

Leadway Group X-rays Nigeria’s New Tax Reforms and Compliance Strategies

September 13, 2025
Image Spin: ENACTUS NIGERIA@25 Honours Sovereign Trust Insurance Plc

Image Spin: ENACTUS NIGERIA@25 Honours Sovereign Trust Insurance Plc

September 13, 2025
Insurance Industry Regulator, Operators Focus on Collective Action, Sustainable Growth, Social Viability

Insurance Industry Regulator, Operators Focus on Collective Action, Sustainable Growth, Social Viability

September 11, 2025
Microphone

NAIPE 10th And Agenda Setting Conference Earns Insurance & Pension Wide Endorsements

September 11, 2025
Leadway Assurance Pays N67.1bn Claims In 2023

Vulnerable Farmers Get Agricultural Insurance Solutions From Leadway Assurance, State Governments And Partners

September 11, 2025
Half Year Claims Obligation, Sovereign Trust Pays N1.6bn

Sovereign Trust Insurance Keeps Dividend Flag up, Earns N40bn in 2024

September 11, 2025
NESG, NAICOM Birth Strategic Initiative That Synchronises Resources For Insurance Transformation And Economic Development

NESG, NAICOM Birth Strategic Initiative That Synchronises Resources For Insurance Transformation And Economic Development

September 10, 2025
InsurTech Development, FinTech Association of Nigeria Pledges Unalloyed Support For NAICOM Tech Plan

InsurTech Development, FinTech Association of Nigeria Pledges Unalloyed Support For NAICOM Tech Plan

September 10, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Omosehin

Growing Economy, Collaborative Regulatory Synergy Takes Centre Stage

September 17, 2025
Rex Insurance Chairman Calls For Stronger Insurance And Pension Frameworks For Economic Acceleration

Rex Insurance Chairman Calls For Stronger Insurance And Pension Frameworks For Economic Acceleration

September 17, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In