• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to support Russia

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
52
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to support Russia

During the week’s opening, oil prices rose as investors weighed tight as concerns about global growth were exacerbated by-product markets and a weaker dollar.

It has gained for four consecutive weeks, the longest run since February, as West Texas Intermediate climbed toward $111 a barrel.

The price of gasoline and diesel has risen to records ahead of the start of the US driving season, which begins in about a week. Money managers have also increased their bullish crude bets.

Saudi Arabia signaled at the weekend that it will continue to support Russia’s role in the OPEC+ group of producers, undermining US efforts to isolate Russia for its invasion of Ukraine. Prince Abdulaziz bin Salman said the kingdom was hoping to reach an agreement with OPEC+, which includes Russia.

Read: Gainers and losers on the Accra bourse for last week 

  • As a result of rising demand and the global fallout from Russia’s invasion, oil prices have surged this year.
  • Energy costs have increased, causing central banks to raise interest rates and stoking investor concerns about slowing growth.
  • Likewise, China has imposed a series of stringent lockdowns to tame Covid-19 outbreaks, hurting Asia’s largest economy.
  • China remains a mixed bag. Shanghai officials have established criteria to classify parts of the commercial hub as low-risk for Covid-19 as they seek to end the deadly pandemic at Beijing, however, the number of cases reported was at an all-time high, raising concerns about a lockdown in the capital.
  • Crude’s price may have been boosted by a weaker dollar, which makes the commodity cheaper for holders of other currencies.

The Greenback fell on Monday after a 1.4% drop last week, the most since November 2020

RelatedPosts

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Source: nairametrics
Via: norvanreports
Tags: Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to support RussiaOPEC+West Texas Intermediate
No Result
View All Result

Highlights

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Nigeria Exiting Years of Economic Doldrum But Hard Road Ahead Still

Trending

Features

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

August 25, 2025

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers As anticipation builds for the...

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

August 25, 2025

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

August 25, 2025

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 2025

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

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
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.