News
Oil Prices Rise On First Trading Day Of 2025
By Kayode Sanni-Arewa
On Thursday, marking the inaugural trading day of 2025, global oil prices experienced a modest increase.
Brent crude futures experienced an increase, reaching $74.80 a barrel by 0547 GMT, marking a gain of 17 cents, or 0.06%
Meanwhile, U.S. West Texas Intermediate crude futures rose by 19 cents, or 0.26%, settling at $71.91 a barrel
On Tuesday, New Year’s Eve, Brent crude oil prices increased by 65 cents, while West Texas Intermediate (WTI) saw a rise of 73 cents on the same day
In 2024, global oil prices experienced significant fluctuations, driven by ongoing conflicts in the Middle East and a notable decline in oil demand from China
China’s Economic Growth Fuels Optimism.
Investors are closely monitoring the expansion of China’s economy.
According to a report by Reuters, oil investors are expressing optimism regarding potential growth in China’s economy, which may lead to increased oil demand from the Asian powerhouse
This sentiment follows President Xi Jinping’s commitment to fostering growth by 2025
In his New Year’s address, the President of China committed to enacting more proactive policies aimed at stimulating economic growth in 2025
China’s factory activity experienced sluggish growth in December 2024, according to a recent survey by Caixin and S&P Global
However, there are indications of a modest recovery in the services and construction sectors, pointing to the potential impact of policy stimulus measures.
Impact of US Economic Policies
As US President-elect Donald Trump prepares to take office on January 20, investors are expressing concerns about the potential effects of tariffs
Due to the New Year holiday, the Energy Information Administration has delayed the release of the weekly U.S. oil stocks data until Thursday, which investors are currently anticipating
Market analyst Tony Sycamore shared insights with Reuters, noting that the weekly chart for WTI is narrowing, suggesting that a significant price movement is on the horizon
The upcoming US ISM manufacturing release is poised to play a crucial role in determining the next direction for crude oil prices.
Instead of attempting to forecast the direction of the impending break, he suggested that it would be more prudent to observe it as it happens and then align with it.
Nigeria’s oil price assumption for the year
The administration of President Bola Tinubu has established the 2025 budget based on the expectation that global oil prices will hover around $75 per barrel.
Additionally, the government has committed to increasing oil production to exceed 2 million barrels per day
Elements influencing oil prices in 2025. We project China’s oil demand to peak in 2025. We anticipate an increase in oil prices should this occur
The Economic and Technological Research Institute (ETRI) of the China National Petroleum Corporation forecasts an increase in oil demand to around 770 million tonnes in the world’s second-largest economy by 2025. India’s Demand: If demand surges in India, the country with the highest population globally, we could witness a significant increase in oil prices. Analysts predict that India is poised to overtake China as the dominant oil market in Asia.
Trump’s commitment to the slogan “drill, baby, drill” has sparked significant discussion regarding energy policies and environmental implications. Upon taking office, President Trump has committed to an immediate increase in oil production within the United States. Experts suggest that this scenario may be unlikely, as the private sector predominantly influences the oil and gas industry in America. The impact of OPEC: Last year, the Organization of the Petroleum Exporting Countries (OPEC) faced challenges managing oil prices despite implementing production cuts.
We cannot yet predict the potential impact on the oil market in 2025. Analysts suggest that OPEC’s influence in the global oil market has diminished compared to its historical prominence.
News
Gunmen abduct Nigerian Professor, Demand N10m Ransom
By Kayode Sanni-Arewa
Gunmen suspected to be kidnappers have abducted Professor John Ebeh, a senior lecturer in the Department of Philosophy at Prince Abubakar Audu University (PAAU), Anyigba, Kogi State.
The assailants are reportedly demanding a N10 million ransom for his release.
Eyewitness accounts revealed that the attackers invaded the professor’s residence in Agbeji, a suburb of Anyigba, in Dekina Local Government Area, at about 7 p.m. on Thursday.
According to a neighbor who identified himself as Akpai, “The hoodlums operated in a commando manner. It was swift. We noticed a car trailing him furiously; we took it as one of his friends or colleagues, not until we started hearing gunshots around his gate.”
A family source disclosed that the professor was abducted just as he was about to enter his compound.
“Professor Ebeh was almost at the gate of his house at Agbeji, on his way from the town when the incident happened.
“He had even given out a signal to his people to open the gate of his house when some people emerged suddenly from their hideout and started shooting sporadically.
“Amidst the confusion, someone drove in furiously and blocked his car.
“Some masked people alighted from the vehicle and whisked him away at gunpoint.
“His abductors called the family on Friday night, demanding N10 million,” the source recounted.
University officials have yet to issue an official statement regarding the incident.
However, one of Professor Ebeh’s colleagues expressed shock at the development, saying, “The kidnapping (of the professor) came to us as a shock. I have just visited his family to sympathize with them.”
News
Sad: Ondo SSG Is Dead
By Kayode Sanni-Arewa
The Secretary to the Ondo State Government, Tayo Oluwatuyi, on Saturday died in an auto crash.
The SSG died in the crash which occurred while he was traveling from Akure, Ondo State capital, to Ibadan in Oyo State.
Confirming the incident, Ondo State Commissioner for Information, Wale Akinlosotu, stated that Oluwatuyi was hospitalised before he gave up the ghost.
“Hon. Oluwatuyi was a dedicated public servant whose unwavering commitment to administrative coordination, policy advisory, and implementation had a significant impact on Ondo State.
“Further details regarding memorial arrangements will be shared as they become available,” he added.
News
Mohamed Salah confirms this season as his last season at Liverpool
By Kayode Sanni-Arewa
Liverpool’s talisman, Mohamed Salah Hamed Mahrous Ghaly, popularly known as Mohamed Salah, has confirmed that the 2024–2025 football season will be his last season donning the shirts of Liverpool.
In an interview with Sky Sports, Mo Salah revealed that he is eager to win this year’s English Premier League title for the Reds to sign off his eight-year stay with the Merseyside based club.
Salah reflected on Liverpool’s previous Premier League triumph in the 2019-2020 season, noting that they were unable to celebrate it as they had hoped. Salah stated that he is determined to help the team win the title this year and celebrate in a manner worthy of their remarkable achievement.
He reflected on Liverpool’s previous Premier League triumph, noting that they were unable to celebrate it as they had hoped. Salah stated that he is determined to help the team win the title this year and celebrate in a manner worthy of their remarkable achievement.
“It’s probably because we didn’t celebrate the one we won in the way we wanted and also, coming back here too, it’s my last year in the club so you want to do something special for the city.
“We waited for that title for 30 years or so. So, to win it and it was the pandemic at that time, we didn’t really have time to celebrate it in the right way. It’s not a nice thing to do, so hopefully we can do it this year.”
“I really want to win the Premier League this season as it’s my last year at the club. I want to give something special to the City.” He said.
Mohamed Salah’s contract with Liverpool is set to expire at the end of the current season. He explained that although his agent, Ramy Abbas, and Liverpool are yet to reach any conclusive decision regarding a contract renewal, he remains focused and is not distracted by the off-field uncertainty.
“We are far away from any progress so we just need to wait and see.
“The thing in my head is ‘OK, if it’s my last six months, or last year, what do you want to see in the future? Do you want to look back and say I was concerned about the contract or I was stressed’ or do you just want to say ‘OK, I had an unbelievable season’.
“That’s in my head now. All the time now. If I feel that kind of distraction, I remind myself ‘You want to look back and you had an unbelievable season’. So that’s what I want to do.” He explained.
He has been in electric form this term, scoring 17 goals in 18 league games, while also registering 13 assists. He has won 9 trophies with Liverpool which includes 1 EPL title, 1 FA Cup, 2 EFL Cups, 1 FA Community Shield, 1 UEFA Champions League title, 1 UEFA Super Cup and 1 FIFA Club World Cup.
Source: Elvisanokyenews.com
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