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US-Iran Disagreements, US Crude Inventories Pushes Crude Oil to $79

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petrol Oil
  • US-Iran Disagreements, US Crude Inventories Pushes Crude Oil to $79

Oil price rose above $79 a barrel on Wednesday after a report of declines in U.S. crude inventories and US sanctions against Iran raised expectations of limited global supply in the near term.

Brent crude oil, against which Nigeria’s crude oil is measured, climbed 0.6 percent to $79.64 a barrel as at 2:0 am Nigerian time. Brent crude has now gained for four straight days, rising 2.2 percent in the last two days.

U.S. West Texas Intermediate rose 0.9 percent to $69.84 per barrel on Wednesday to bring its total gains from previous trading session to 2.5 percent.

Earlier this year, the US pulled out of the agreement signed by six world powers and Iran in an effort to limit Iran’s reach and possible diplomatic role in its region. The Donald Trump-led administration has threatened to sanction and compel his allies to stop any business transactions with the embattled nation.

While some members of the six nations have met with President Trump to discuss how to better handle the situation, President Trump has turned them all down and insisted on a completely new agreement if Iran must avoid sanctions and eventual economic collapse.

The possibility of limited global supplies if the US sanctioned Iran in November propped up global crude oil prices, especially now that oil-producing nations like Venezuela, Libya are unlikely to up their production level due to series of political and economic issues.

Again, the report that the US Crude inventories likely fell by 8.6 million barrels in the week ended September 7 to 395.9 million barrels, by the American Petroleum Institute (API), also contributed to the jump in price.

The official figure will be published later on Wednesday by the U.S. Energy Information Administration (EIA).

UKOilWeekly

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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UK to Start Accepting Visa Applications from Nigerians on July 28

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UK to Commence Visa Applications from Nigerians on July 28

The British High Commission in Nigeria has said it will reopen visa application centres in Abuja, Ikeja and Victoria Island on July 28.

The Commission also said the International Language Testing System will commence as well.

In a tweet put out by the embassy, it said “Visa Application Centres are resuming services in Nigeria from 28 July.

“You must have an appointment to visit a VAC and will not be admitted without one.

“For new applications, we aim to assess within our normal service standards, but there may be some delay.

“Staff and customer safety remains our top priority with COVID-19 preventative measures in place.

“Our focus now is to deliver our services safely and effectively together.”

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Russia Completes Human Trials Of Covid-19 Vaccine

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COVID-19 Vaccine

Covid-19 Vaccine: Russia Completes Human Trials

After Brazil was the first emerging market to get a test drive of the Oxford University coronavirus vaccine, it’s Russia that is the first to complete human trials.

Elena Smolyarchuk, the chief researcher for the Russian Center for Clinical Research on Medications at Sechenov University, told TASS newswire on Sunday that human trials for the vaccine had been completed and those test patients will be discharged soon.

“The research has been completed and it proved that the vaccine is safe. The volunteers will be discharged on July 15 and July 20,” Smolyarchuk was quoted as saying in the report.

There was no other information on when this vaccine would enter commercial production.

Russia had allowed clinical trials of two forms of a potential coronavirus vaccine developed by the Gamaleya National Research Center for Epidemiology and Microbiology. The first one was carried out at the Burdenko Military Hospital. The other vaccine was given to test patients at the Sechenov First Moscow State Medical University.

Some 20 people volunteered for the injection.

After given the shot, the volunteers were asked to quarantine in the hospital for 28 days.

Earlier, results of the Covid-19 vaccine tests performed on a group of volunteers in Russia showed that they were developing immunity to the coronavirus, but what the drug actually is was not discussed in the article.

Russia has reported 719,449 cases of the new SARS coronavirus. Some 11,188 people have died from complications caused by Covid-19, the disease caused by the new SARS.

There are at least 21 vaccines currently under trial worldwide, according to the World Health Organisation. Every country and every lab is taking a different approach to finding the right solution to stop the virus from taking over the world at this point.

Meanwhile, in Moscow this weekend, public health officials lifted the requirements of wearing face masks while outside. Masks and gloves are mandatory when riding public transportation, going to a medical center, or while shopping.

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Ramaphosa Reimposes Alcohol Ban, Extends Curfew as COVID-19 Cases Hit 276,242

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South Africa COVID-19

South Africa Reimposes Alcohol Ban, Extends Curfew as COVID-19 Cases Surged

President Cyril Ramaphosa of South Africa on Sunday reimposed alcohol ban and extended curfew following a report from the nation’s health ministry that 12,058 new coronavirus cases were reported in the country during the weekend.

The health ministry said total deaths due to the virus rose by 108 in the last 24 hours to 4,079 while the total confirmed cases stood at 276,242 deaths.

In a televised speech, the president said “This is a fight to save every life, and we need to save every bed,” he said. “The coronavirus storm is far fiercer and more destructive than any we have known.”

He, therefore, said the curfew will be in place between 9 p.m to 4 a.m and will take effect from today, Monday. Also, he said family visits and social activities remain banned.

The President said scientists predicted between 40,000 to 50,000 COVID-19 death before the end of th year, saying “We must make it our single most important task to prove these projections wrong.”

Ramaphosa added that the latest projections revealed that different provinces would reach the peak of infections between the end of this month and late September.

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