Headlines
Oil price jumps to $68 after days of losses

The international oil benchmark, Brent crude, jumped on Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone.
Brent, against which Nigeria’s crude oil is priced, rose by $3.58 to $68.76 per barrel as of 8:05 pm Nigerian time on Monday, after posting its worst week since October 2020.
“News of zero new cases in China has certainly provided a tailwind as it gives added light at the end of the COVID tunnel and a breath of fresh air to the demand landscape,” analysts at Blue Line Futures were quoted by CNBC as saying.
“Additionally, the US dollar has retreated from recent highs, underpinning the commodity landscape broadly,” they added.
West Texas Intermediate crude futures, the US oil benchmark, gained $3.50, or 5.6 per cent, to settle at $65.64 per barrel.
Earlier in the day, it rose more than six per cent to hit a session high of $66, at which point it was on track for its best day since November.
The sharp jump marks a turnaround from last week when the contract sank nearly nine per cent for its worst weekly performance since October 2020 and the second negative week in three. WTI ended Friday at its lowest level since May 20.
Oil’s tumble came amid fears of a demand slowdown as the delta variant of COVID-19 spreads, leading to new lockdowns in countries including Japan and New Zealand.
Additionally, weak economic data out of China, which is the world’s largest crude importer, weighed on prices. The latest US inventory report also showed a rise in gasoline stocks as well as an uptick in output from US producers.
But some Wall Street firms said the selling looked overdone.
“We find this price weakness excessive and believe it has more to do with the psychology of market participants than with any deterioration of fundamental data,” said analysts at Commerzbank.
Goldman Sachs, meanwhile, said that macro headwinds including the reflation unwind and Covid concerns in China are veiling the bullish backdrop for oil and commodities more generally.
Headlines
Tinubu arrives Katsina to receive Buhari’s body for burial

President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Headlines
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
Headlines
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
-
Headlines3 years ago
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
-
Headlines3 years ago
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
-
Foreign3 years ago
New York Consulate installs machines for 10-year passport
-
News10 months ago
Zero Trust Architecture in a Remote World: Securing the New Normal
-
Entertainment3 years ago
Phyna emerges winner of Big Brother Naija Season 7
-
Headlines1 year ago
Nigeria Customs modernisation project to check extortion of traders
-
Economy1 year ago
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
-
Headlines1 year ago
Philippines’ Vice President Sara Duterte resigns from Cabinet