A Review of the Nigerian Energy Industry

Oil rises in early trade

Oil rises.
Oil rises.

07 August 2015 – Oil futures traded slightly higher on Friday in thin early Asian trade, after setting multi-month lows in the previous session, as investors await indications on how prolonged the current period of oversupply will be.

Both of the main oil benchmarks are heading for nearly 5% declines this week and are on the longest losing streak since the turn of the year.

US crude was 10 cents higher at $44.76 early on Friday after dropping more than 1% on Thursday when it fell to a more than four-month low.

The contract is heading for a sixth week of declines, the most number of weeks it has fallen in a row since dropping for seven weeks between November and January. It is down 5% this week, the biggest weekly decline in two weeks.

Brent, the global oil benchmark, was trading 12 cents higher at 49.64, after reaching a six-month in the previous session.

The contract is down about 4.8% this week, the biggest weekly fall since March. It is also heading for a sixth week of declines, the longest losing streak since the turn of the year when the market was in freefall.

Crude futures are a few dollars away from breaking 2015 lows. Brent’s bottom for the year was $45.19 in January while US crude fell to as low as $42.03 in March.

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