Oil News

Nigeria’s oil production has fallen to less than half its capacity as fighting against rebels in the Niger River delta escalates

Crude Oil rises as the Dollar slumps and investors buy commodities

Nigeria’s oil production has fallen to less than half its capacity as fighting against rebels in the Niger River delta escalates

Crude oil rose in New York, poised for a 9.1 percent gain this week, as investors bought commodity futures as a hedge against inflation as the dollar fell against the euro. Crude oil rose in New York, poised for a 9.1 percent gain this week, as investors bought commodity futures as a hedge against inflation as the dollar fell to a four-month low against the euro. Nigeria’s oil production has fallen to less than half its capacity as fighting against rebels in the Niger River delta escalates. The West African nation, formerly the continent’s biggest producer, now pumps about 1.6 million barrels a day, compared with capacity of 3.2 million, Petroleum Minister of State Odein Ajumogobia said yesterday. Crude Oil is trading at $61.50 as of 9:21am, London Time. Crude’s Pool Position is 87% Long, meaning that most Finotec clients are buying the commodity.

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