Oil is to trade at 86.41 dollars a barrel on Tuesday, down from Monday’s 18-month high as the dollar rallied, following strong U.S economic data.
U.S crude for May delivery CLc1 fell 21 cents , off Monday’s peak of $86.90 a barrel, the highest intraday figure struck since October 2008. ICE Brent LCOc1 declined 22 cents to 85.66 dollars Tuesday in London.
Oil prices rose more than eight per cent in the five sessions to Monday, their sharpest five-day winning streak this year.
There was no trading on the New York Mercantile Exchange on April 2 because of Good Friday.
“Oil made a very crucial break above 82 dollars a barrel last week, but if there are any slight falls (Tuesday) it could be ascribed to the dollar.
A stronger dollar should mean weaker oil prices,” said broker Christopher Bellew at Bache Commodities.
The dollar gained nearly 0.4 per cent against a basket of currencies.
A stronger dollar makes purchases of dollar-denominated commodities more expensive for non-U.S buyers.
Also buoying the dollar was data on Monday showing U.S. services sector grew at its swiftest in nearly four years in March and an unexpected rise in future home sales in February, which bolstered hopes for a sustainable economic recovery and job growth.
Attention in the oil market was set to shift to U.S inventory statistics due later on Tuesday and on Wednesday.
Crude inventories in the United States, the world’s largest energy consumer, probably gained for a 10th consecutive seven-day period of measurement in the U.S last week, a Reuters survey showed.
Crude stockpiles were forecast to have risen 1.7 million barrels, according to a Reuters poll, while a 1.4 million drawdown was expected in both gasoline supplies and distillate stocks, comprising heating oil and diesel.
The American Petroleum Institute releases its industry report on Tuesday, followed by government figures from the U.S. Energy Information Administration ,today
FG Moves To Stop Influx Of Illegal Aliens
The Federal Government has promised to put measures in place to end the movement of illegal immigrants into the country to secure the country.
The government stated that the era where aliens easily enter the country with fake travel documents must stop.
The Minister of Interior, Olubunmi Tunji-Ojo, according to a statement on Saturday by the Director of Press of the Ministry, Afonja Ajibola, disclosed this when the Director, the Bureau of Public Service Reforms, Dasuki Arabi visited him.
The statement read, “The Minister assured he is working seriously on efficient ways at securing Nigeria borders; saying a situation where illegal aliens easily find their ways into the country often with fake travel documents has to be stopped. In his view, Nigeria cannot be secured if its borders are not secured”.
The Minister also said the Ministry was ready to partner with the BPSR in proffering effective solutions to the nation’s security challenges, especially in securing the nation’s borders.
“I am ready to actively collaborate with the Bureau of Public Service Reforms to find solutions to our security challenges,” he was quoted as saying.
ECOWAS Condemns Plot To Obstruct Peace In Sierra Leone
The Economic Community of West African States (ECOWAS) has condemned the plot by some individuals to disturb peace in Sierra Leone.
The condemnation is contained in a statement issued by ECOWAS in Abuja, yesterday.
ECOWAS said, “The bloc has learnt, with utter disgust, a plot by certain individuals to aquire arms and disturb the peace and constitutional order in Sierra Leone.
“ECOWAS condemns this act and calls for the arrest and prosecution of everyone involved in the illegality.
“The bloc has always maintained its zero tolerance for unconstitutional change of government.
“We want to reaffirm our commitment to supporting the government and the people of Sierra Leone’s quest to deepen democracy and good governance by consolidating peace and security so as to foster socio-economic development”.
Earlier, the Sierra Leonean Government had declared a 24-hour nationwide curfew in a proactive step to ensure that the peace is not tampered with.
Bad Roads Fuelling Insecurity In N’East -Govs
Worried by the security challenges confronting the region, governors of the North East have resolved to embark on more collaborative efforts among member states to come up with a security architecture design for the region.
The governors noted that bad federal roads are fuelling insecurity in the region and called on the Federal Ministry of Works to follow through with road contracts awarded in the region.
This is contained in a communique issued at the end of the 9th meeting of the forum, held at the banquet hall of the Adamawa State Government House in Yola last Saturday.
According to a statement signed by the Chairman of the Forum and Governor of Borno State, Babagana Zulum, the forum said there was a need for a robust platform for regional economic development and resolved to work as an entity in strengthening the human capacity and socio-economic development of its people.
The communique read in part, “Forum is continuously disturbed about the poor infrastructural base of the region. More concerned that the federal roads within and between the states in the region have been neglected.
“We call on the Federal Ministry of Works to follow through with road contracts awarded in the region. The poor road network is fuelling insecurity stalling development and making life more difficult for our people in the region.
“Forum notes that the bad federal roads within and between the states are major setbacks to the infrastructural development of the region.
“Forum notes the poor energy situation in the region. To mitigate the situation, Forum resolved to work with Shanghai Electric to construct a 60 MW Coal Power Power Plant in each state of the region.
“Forum decried the lack of modern rail projects in the region and called for repairs on the old gauge rail lines which no longer useful and sustainable technology. Forum calls for inclusion of the region into the Nigerian National Railway Transport Plan using the Modern Guage rail.”
On climate change and environmental degradation, the forum resolved to strengthen its collaboration with all initiatives such as the Great Green Wall and the Global Initiative of Carbon Credit financing.
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