Categories: Bus. Economic & Analysis

Oil price rises to approximately $72 amid worries of disruption

Oil prices rose on Tuesday amid worries that there could be a high risk of disruptions to supply, especially in the Middle East.

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Brent crude oil futures were at $71.80 per barrel at 0120 GMT, up 38 cents, or 0.5 per cent from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 39 cents or 0.6 per cent, at 66.61 dollars a barrel.
Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East.
The conflict is renewed by U.S. sanctions against Iran and falling output as a result of political and economic crises in Venezuela.
Oil markets have generally been well-supported this year, with Brent up by around 16 per cent  due to healthy demand which comes as the producer-cartel of the Organisation of the Petroleum Exporting Countries (OPEC) leads supply cuts aimed at tightening the market and propping-up prices.  (NAN)

Custom seizes 48 smuggled vehicles in Sokoto

The Nigeria Customs Service (NCS) has seized 48 vehicles with duty paid value of N196.7 million in Sokoto.

Nasir Ahmed, the Area Comptroller in charge of Sokoto/Kebbi/Zamfara Area Command, made the disclosure on Tuesday while briefing newsmen on the success recorded by the command in the first quarter of 2018.
“The NCS based on credible intelligence on Wednesday April 12, with the assistance of the 1 Brigade, Nigeria Army in an operation discovered a location in Sokoto where several vehicles are stored.
“These vehicles suspected to be smuggled into the country were stored at Rugan Waru Area of Sokoto state.
“So, officers of NCS acting under the Customs and Excise Management Act, Cap 45, laws of the Federation of Nigeria 2014, during a raid discovered the 48 vehicles.
“This, involved 20 Lexus GX 470 SUV vehicles and 28 Toyota Avensis vehicles suspected to be smuggled through unapproved routes,” he said.
He added that the vehicles were immediately moved from the location and deposited at NCS headquarters in Sokoto.
“We therefore urge the owners to come forward with valid Customs documents because failure to do so, the vehicles will be liable to seizure and subsequent forfeiture to the Federal Government after 30 days.
“This is in line with the laws of the land. However investigations to ascertain the true owners of these vehicles is presently ongoing,” he added.
The Comptroller further said that a total of N443.8 million revenue was generated by the command in the first quarter of 2018, higher by 20.3 per cent compared to same period in 2017.
Ahmed also said that the command in the first quarter seized 2, 298 bags of 50 kg and 23 bags of 25 kg bags of foreign rice with duty paid value worth N41.3 million.
He also added that 527 jerry cans of 25 kg vegetable oil with duty paid value of N6.6 million was seized by the command during the same period. (NAN)



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    7 years ago
    simon monday

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