Oil prices climbed on Monday, supported by Saudi optimism about Asian demand and an Iraqi pledge to deepen supply cuts.
Although uncertainty over a deal to shore up the United States economic recovery capped gains.
Brent crude futures rose 34 cents, or 0.8 per cent, to $44.74 a barrel by 0641 GMT while United States West Texas Intermediate (WTI) crude futures were up 47 cents, or 1.1 per cent to $41.69 a barrel.
Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5 per cent, with WTI up 2.4 per cent.
“Comments from the weekend from Aramco are the driver at the moment,’’ said Michael McCarthy, market strategist at CMC Markets and Stockbroking.
Saudi Arabian Aramco’s Chief Executive, Amin Nasser, said on Sunday he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns.
“He painted a rosy picture on the outlook for demand in the Asian region,’’ McCarthy said.
On the supply side, Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months.
The move would help it comply with its share of cuts by the Organisation of the Petroleum Exporting Countries and their allies, together called OPEC+.
The sharper cut will take Iraq’s total reduction to 1.25 million bpd this month and next.
“Saudi Arabia and Iraq forging better relationships over the oil deal are excellent for the compliance outlook,’’ AxiCorp market strategist, Stephen Innes, said in a note.
The Saudi and Iraqi energy ministers said in a joint statement that OPEC+ efforts would improve the stability of global oil markets, accelerate its balancing and send positive signals to the markets.
While hopes grew on stalled talks between United States Democrats and the White House on a new support package for cash-strapped United States states hit by the coronavirus pandemic, delays in reaching a deal weighed on the market.
United States House Speaker, Nancy Pelosi and Treasury Secretary Steven Mnuchin, both said they were willing to restart talks on a deal to cover the rest of 2020.
“The longer this drags on the worse it is for the demand scenario,’’ McCarthy said.
He said there was strong technical resistance for WTI around $42.50 and between $45 and $45.50 for Brent.
Holidays in Japan and Singapore on Monday dampened market activity in Asia.
Edited By: Abdulfatah Babatunde (NAN)https://nnn.ng/oil-rises-1-on-saudi-aramcos-upbeat-demand-view-iraq-supply-cut/
15th Abuja Int’l trade fair to feature 500 exhibitors – ACCI
The Abuja Chamber of Commerce and Industry (ACCI) says its 15th Abuja International Trade Fair will feature not more than 500 local and foreign exhibitors.
ACCI Media Officer Latifat Opoola who made the disclosure on Sunday said the fair would hold in October at the Abuja Trade and Convention with the theme “Trade and Commerce Beyond Borders”.
According to Opoola, this year’s event in compliance with the COVID-19 protocols will only showcase indoor and virtual exhibitions to make room for a controlled environment that will ensure social distancing.
She noted that an average attendance of 100,000 visitors from both Nigeria and 150 countries, including U.K., United States, UAE, India, Malasyia and China would participate both physically and virtually at the fair.
She said other countries like Saudi Arabia, Ghana, South Africa, among others, were expected to participate.
She noted that over the years, the fair had been an amazing trade platform for international and domestic industry professionals, leading brands and MSMEs to transact, share market insights, cutting edge technology and expertise in an interactive environment.
“This year’s event will provide a platform for sharing of trade, investment and market opportunity as well as information. It will also help buyers, investors and traders to foster business relationships.
“Over 500 exhibitors from within and outside Nigeria in all sectors of the economy, including Agriculture, Manufacturing, Mining, Electricity, Oil and Gas, Tourism, Textile, Transport, Telecommunications, Financial and Service sectors are expected to participate.
“With a team of trade professionals, we are persistent in providing a conducive trading atmosphere for our exhibitors, which will lead to strategies and tactics needed to innovate, grow and promote businesses,” she said in a statement.
The opening ceremony is scheduled to take place on Oct. 22, while the closing ceremony holds on Nov. 2.
Edited By: Chioma Ugboma/Peter Ejiofor)
Ligue 1: Mbappe shines as PSG hit top gear against Nice
France forward Kylian Mbappe marked his return to action with a vintage performance and a goal as champions Paris St Germain rediscovered their form with an impressive 3-0 win at Nice in Ligue 1 on Sunday.
Mbappe, who missed the opening three games after contracting the coronavirus, fired PSG ahead with a 38th-minute penalty.
He also had a big part in Angel Di Maria’s strike before Marquinhos headed home the third in the second half.
PSG made a sluggish start to their campaign as they lost the opening two matches and eked out a last-gasp 1-0 home win over Metz on Wednesday but they tore Nice apart with sublime skill and crisp one-touch passing.
Mbappe blasted his spot-kick into the roof of the net after he was fouled by Khephren Thuram and Nice goalkeeper Waller Benitez could only parry the forward’s crisp low shot for Di Maria to sweep home the rebound.
The visitors missed a string of chances in the second half with striker Mauro Icardi hitting the post, before Marquinhos added the third with a glancing header from a Di Maria cross.
Ander Herrera also hit the woodwork with a deflected shot in the first half while the home side were denied by acrobatic goalkeeping from Keylor Navas.
The result lifted PSG to seventh place on six points from four games, with Nice slipping to 10th also on six points.
In Sunday’s other stand-out fixtures, second-placed St Etienne, who have a maximum nine points from three games, visit 14th-placed Nantes and Olympique Marseille in eighth are at home to fourth-placed Lille.
Edited By: Joseph Edeh/Peter Ejiofor)
Declare Badagry’s historical monuments protected structures, expert urges LASG
A tourism expert, Mr Babatunde Ajose, on Sunday urged the Lagos State Government to declare the historical monuments of the ancient town of Badagry protected structures.
Ajose made the appeal at the Tourism Stakeholders’ Meeting organised by the Badagry Media Group in Badagry.
The meeting was tagged: “On the Proposed Delisting of Heritage Sites and Attractions by Lagos State House of Assembly’’.
The expert said that this would protect the historical monuments from destruction or delisting by any agent in the state.
According to Ajose, the recent call on the state house of assembly by a lawmaker for the removal of all historical monuments in Lagos State had put fear in the minds of the residents of the town.
“When the issue of delisting of historical monuments in Lagos was mentioned by a lawmaker during a sitting of the Lagos assembly, residents of Badagry started running from pillar to post.
“The local media in the town were writing different stories on the social media, people started castigating the people in the assembly.
“Even when the LASEMA was coming with their vehicles to access the extent of damage done by rainstorms in some communities in the area, they started crying, “they have come to destroy our sites’’.
“What I expect from them in Badagry is organise themselves on how to meet the people in authority and explain things to them on the implications.
“The stakeholders should find a way of meeting the lawmaker in question and educating him more on what we have in Badagry.
“We will tell him that all these monuments are still in existence in the United States, where the protest started from.
“What they are only pulling down is the monuments of slave dealers; all slavery museums in America are still there,” he said.
Ajose urged the stakeholders in Badagry to engage the council Chairman, Mr Olusegun Onilude, on the potential of tourism in the town.
“We need to meet the chairman of the council on the need to make bylaws that will protect the monuments from external attacked.
“Then, move to engage the lawmakers at the state level on the need to protect the structures,” he said.
Pastor Sunday Humyinbo, the Coordinator, Christian Association of Nigeria (CAN), Badagry Chapter, urged the organisers of the meeting to work in unity to achieve it aim.
According to Hunyimbo, always speak with one voice in whatever you are doing.
He said no historical monuments from Badagry should be removed or destroyed by the state government, adding they serve as tools for revenue generation for some people.
Also speaking, Pastor Senahu Mofinleun, the Convener, Badagry Christian Heritage Festival, said that the town was waking up from its slumber, urging the organisers to be transparent in whatever they were doing.
He said that they are ready to mobilise people to support the cause so that the historical monuments of the land would be protected.
Mr Kehinde Avoseh, a representative of Zangheto from Ajido community, commended the media group for their efforts in organising the meeting.
According to him, we need one voice to be the bringer of good omen to Badagry heritage.
Mr Sewede Akande, the Founder, Citymood Communications, said the meeting was to brainstorm on the issue of delisting of historical monuments in Lagos.
He said that the stakeholders meeting would come up with ways to engage the Lagos State Government on best ways to tackle the issue.
Akande commended the critical stakeholders that attended the meeting, adding that they would meet again to present their take on the proposed delisting of historical monuments in the state.
The News Agency of Nigeria reports that on July 1, the Lagos State House of Assembly urged Gov. Babajide Sanwo-Olu to direct the Commissioner for Tourism, Arts and Culture, as well as that of Justice to look at sites and monuments in the state, to remove all vestiges of slave trade and colonial superiority.
NAN also reports that many local group and associations in Badagry, however, disagreed with the move.
Edited By: Idonije Obakhedo
Osimhen’s Napoli capitalised on Parma mistakes as spectators return to Serie A
Napoli on Sunday capitalised on two defensive mistakes to win 2-0 at Parma in their opening match of the season as spectators returned to Serie A for the first time since March.
Dries Mertens and Lorenzo Insigne got Napoli’s campaign off to a winning start with second-half goals shortly after club’s record signing Victor Osimhen was brought on for his debut.
A smattering of fans, wearing masks and widely spaced apart, watched the game at the Stadio Tardini.
This was after the Italian Government agreed to allow up to 1,000 spectators at matches from Sunday for the first time since the COVID-19 lockdown.
A cagey first half produced no real chances but Napoli came to life after Nigerian Osimhen, signed from Lille in the summer, was brought on in the 61st minute.
Two minutes later, Hirving Lozano crossed the ball into the area and Parma defender Simone Iacoponi headed his attempted clearance straight to the feet of Mertens who fired past Luigi Sepe from 15 metres.
Insigne struck the post from Oshimhen’s flick before Parma gifted Napoli a second goal.
Lozano intercepted a pass out of the Parma defence, his shot was saved by Sepe but Insigne snapped up the rebound in the 77th minute.
Parma, playing their first match under Coach Fabio Liverani, did little to impress new president Kyle Krause, Chief Executive of the United States-based Krause Group which took over the club on Friday.
Edited By: Yahaya Isah/Peter Ejiofor)