Business
Oil Eyes $50 Per Barrel As Outages, Global Stocks Rally
Oil rose to six-month high near $50 per barrel yesterday boosted by investors demand for riskier assets at the expense of safe-haven bonds.
Brent crude futures LCOc1 rose 0.7 per cent to $49.31 per barrel, after having risen 2.4 percent on Monday, touching $49.47, its highest since early November.
US crude’s West Texas Intermediate (WTI) futures CLc1 went up 1.1 per cent to $48.24, having risen 3.3 per cent on Monday.
Besides, the prices of oil have been helped by supply disruptions from a combination of Nigerian, Venezuelan and other outages.
There are also declining US production and virtually frozen inflows of Canadian crude after wildfires in Alberta’s oil sands region slowed glut and helped to lift oil prices.
“The oil market continues to make an even larger fool of most forecasters than other financial assets: having caught everyone out by plummeting, it is now catching us out by continuing to rise,” Rabobank analysts wrote.
“I expect prices to take a shot at $50,” said Carsten Fritsch, analyst at Commerzbank.
“The outages in Canada and Nigeria alone are probably enough to leave the global oil market undersupplied at present.”
Oil is still only half its level of mid-2014, when concern about excess supply prompted prices to begin a decline from over $100.
Still, the disruptions this week triggered a U-turn in the oil market outlook of Goldman Sachs.
The bank, which had been warning of a risk of $20 oil, now sees US crude trading as high as $50 in the second half of 2016.
Crude inventories in the US at a record high in April, are expected to decline in weekly supply reports due later on Tuesday and on Wednesday.
Business
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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