Learn How To Make Money From Home Using Your Smartphone In 2025
By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AfricaNews360AfricaNews360
  • Politics
    PoliticsShow More
    The future is African – Ghana President declares at UN Assembly
    September 26, 2025
    Burkina Faso to ‘street honour’ late Ghanaian President Jerry John Rawlings
    May 19, 2025
    Burkina Faso honours late president Thomas Sankara with memorial park
    May 19, 2025
    Nigeria Presidency refutes Catholic leaders’ criticism of economic hardship
    March 11, 2025
    Ghana’s President Mahama strengthens ties with Mali during Bamako visit
    March 10, 2025
  • Business
    BusinessShow More
    Ghana’s President Mahama seeks investment partnerships during Singapore visit
    August 25, 2025
    Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store
    May 15, 2025
    Burkina Faso strengthens Russian ties with new mining licence
    April 27, 2025
    Ghana Bauxite Company targets 6 million tonnes production by end of 2025
    April 7, 2025
    Ghana to launch ‘River Guards’ program to combat environmental Impact of illegal mining
    March 17, 2025
  • Showbiz
    ShowbizShow More
    Davido releases ’10 Kilo’ Music Video
    August 13, 2025
    Nigerian Star Davido’s Foundation supports 500 orphanages in annual Charity drive
    February 13, 2025
    Nigerian president Tinubu celebrates Nollywood icon Nkem Owoh ‘Osuofia’ at 70
    February 8, 2025
    Burkina Faso’s Bissa music sensation Eunice Goula drops new Banger ‘Mariage’
    September 25, 2024
    Kenya’s president hosts national music festival
    August 16, 2024
  • Sports
    SportsShow More
    Fifa sanctions SAFA with 3-0 defeat to Lesotho and £7,000 fine following Teboho Mokoena breach
    September 30, 2025
    Botswana declares public holiday after winning gold medal
    September 22, 2025
    Ghana smashes national record to reach 4x100m final at World Championships
    September 20, 2025
    Nigeria held to frustrating draw by South Africa in World Cup qualifier
    September 9, 2025
    Tunisia secure World Cup 2026 qualification with dramatic late winner
    September 9, 2025
  • Biographies
    BiographiesShow More
    Michael Gallup Bio, Age, Net Worth, Height, Parents, Siblings, Wife, Children
    July 25, 2024
  • Columns
    ColumnsShow More
    Ghana Government does not subsidize Hajj Pilgrims: Debunking the myth with facts
    March 7, 2025
    Full Speech: South African president’s address at first G20 Foreign Ministers’ meeting 2025
    February 22, 2025
    Ing. Abdullah Mohammed Billey: The Ghanaian road expert victimised for political reasons by the ousted Government
    February 3, 2025
    Ghana President Mahama’s speech at Africa Prosperity Dialogues 2025
    February 2, 2025
    An American opinion on the impending NDC Government structure
    December 17, 2024
  • Travel
    TravelShow More
    Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store
    May 15, 2025
    Thousands of Ethiopian diaspora heed PM’s call to ‘come home’
    May 2, 2024
    Malawi and Ghana sign visa waiver agreement to enhance bilateral ties
    March 21, 2024
    Ghana signs visa waiver agreement with Bahamas
    February 22, 2024
    Malawi scrapes visa restrictions for 79 countries
    February 9, 2024
  • Editorial
    EditorialShow More
    FEATURE: Kigali City- A glittering jewel of Africa
    September 2, 2023
    All eyes on INEC as Nigeria decides
    February 26, 2023
    Feed Africa Summit: Continent Plans to Achieve Zero Hunger by 2030
    January 25, 2023
    Africa must speak with one voice at COP27
    November 8, 2022
    Nigerian headteacher sentenced to death after pupil’s murder
    July 28, 2022
  • World
    WorldShow More
    Robert Prevost
    American prelate Robert Prevost elected New Pope
    May 9, 2025
    Rwanda cuts diplomatic ties with Belgium amid Congo conflict tensions
    March 17, 2025
    ICC issues arrest warrants for Israel’s Benjamin Netanyahu, Ibrahim Al-Masri
    November 21, 2024
    Voting underway in US as Donald Trump faces Kamala Harris for presidency
    November 5, 2024
    Biden directs US forces to aid Israel’s defence against Iran
    October 2, 2024
Reading: Oil ticks up as US inflation cools, but set to end March lower
Share
Notification Show More
Latest News
Fifa sanctions SAFA with 3-0 defeat to Lesotho and £7,000 fine following Teboho Mokoena breach
September 30, 2025
The future is African – Ghana President declares at UN Assembly
September 26, 2025
Botswana declares public holiday after winning gold medal
September 22, 2025
Ghana smashes national record to reach 4x100m final at World Championships
September 20, 2025
Ghana begins five-day Training of Trainers workshop to enhance Girls in ICT programme
September 19, 2025
Aa
AfricaNews360AfricaNews360
Aa
  • Technology
  • Science
  • Education
  • Health
Search
  • Topics
    • Business
    • Columns
    • Gossip
    • News
    • Politics
    • Showbiz
    • Fashion
    • Climate
    • World
    • Videos
Have an existing account? Sign In
Follow US
AfricaNews360 > Business > Oil ticks up as US inflation cools, but set to end March lower
Business

Oil ticks up as US inflation cools, but set to end March lower

Posted Africanews360 March 31, 2023 3 Min Read
Updated 2023/03/31 at 3:31 PM
An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Mandatory credit Kyodo/via REUTERS/File Photo
SHARE

Oil prices nudged higher on Friday with U.S. inflation data showing some signs of slowing price rises, but for the month, oil was on course for its weakest performance since November.

Brent futures , which have risen nearly 6% this week, were up 26 cents, or 0.3% at $79.53 a barrel by 10:56 a.m. EDT (1456 GMT). West Texas Intermediate crude (WTI) rose 37 cents, or 0.5% to $74.74, having gained about 8% so far this week.

If those levels hold, oil prices will record their second straight week of gains, but Brent and WTI were also set for losses of about 5% and 3%, respectively.

RECOMMENDED FOR YOU  World Bank: Ghana ranks 1st with highest food price increases of 122% in Sub-Saharan Africa

The benchmarks hit their lowest since 2021 on March 20 in the wake of large bank failures, and while they have recouped some of the losses since then, they remain well below the levels they were trading at the start of March.

Learn How To Make Money Online Using Your Smartphone In 2025

“The prolonged economic scarring of the last month will likely slow the economy, if not cause a recession, and lower interest rate expectations are not enough to support oil prices in the short term,” said Craig Erlam, senior markets analyst at OANDA.

RECOMMENDED FOR YOU  Argentina's annual inflation hits 114% but monthly rate slows unexpectedly

Providing support to prices on Friday, the U.S. Personal Consumption Expenditure (PCE) index, which is the Federal Reserve’s preferred inflation gauge, rose 0.3% in February on a monthly basis, compared with a 0.6% rise in January and an expectation of a 0.4% rise in a Reuters poll.

Oil prices were also buoyed after producers shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline.

RECOMMENDED FOR YOU  Ivory Coast impose a 10-year ban on scrap metals export

With prices recovering from recent lows, the Organization of the Petroleum Exporting Countries and allies led by Russia are likely to stick to their existing output deal at a meeting on Monday, sources said.

OPEC pumped 28.90 million barrels per day (bpd) this month, a Reuters survey found, down 70,000 bpd from February. Output is down more than 700,000 bpd from September.

RSS EDITORS’ SUGGESTIONS

  • Ghanaian youngster Jeremiah Okine-Peters scores as Reading U21s thrash West Ham U21
  • Ghana gets another supremacy over over Nigeria with 2:0 win to qualify for U-17 AFCON and WAFU Zone B final
  • Danish-born Ghanaian midfielder Noah Nartey scores first goal of the season as Brøndby thrash OB Odense
  • Breaking News: South Africa’s World Cup qualification hopes in jeopardy as FIFA deducts three points over ineligible player
  • Ghana FA retains Victory Club Warriors President Kuuku Bartels as Chairman of U19 Boys Management Committee
TAGGED: inflation, Oil
VIA: Reuters
Africanews360 March 31, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Tunisia introduces water quota system due to severe drought
Next Article Oscar Pistorius set for more prison time after being denied parole
Leave a comment Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Latest on AfricaNews360

  • Fifa sanctions SAFA with 3-0 defeat to Lesotho and £7,000 fine following Teboho Mokoena breach
  • The future is African – Ghana President declares at UN Assembly
  • Botswana declares public holiday after winning gold medal
  • Ghana smashes national record to reach 4x100m final at World Championships
  • Ghana begins five-day Training of Trainers workshop to enhance Girls in ICT programme

More recommendations for you

  • Sports Minister Kofi Adams urges Black Stars to seal World Cup spot with victory over Comoros
  • “The target is to qualify for the World Cup” – Black Starlets coach Narteh Ogum after AFCON qualification
  • “It will be a different Ghana” – Prosper Ogum ahead of WAFU B U-17 final against Cote d’Ivoire
  • GFA appoints Nurudeen Ahmed as head coach of U-19 Boys national team
  • Ghanaian youngster Jeremiah Okine-Peters scores as Reading U21s thrash West Ham U21

You Might Also Like

BusinessNewsTop Stories

Ghana’s President Mahama seeks investment partnerships during Singapore visit

August 25, 2025
BusinessTravel

Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store

May 15, 2025
BusinessTop Stories

Burkina Faso strengthens Russian ties with new mining licence

April 27, 2025
Minning

Ghana Bauxite Company targets 6 million tonnes production by end of 2025

April 7, 2025
  • Bereavement
  • Debt Management
  • Finance
  • Job Creation
  • Small Business
  • Climate
  • Education
  • Fashion
  • Health
  • Rights
  • Science
  • Sanitation
  • Mobilisation
  • Secondary Education
  • Celebrity News
  • Tertiary Education
  • Culture
  • Security
  • Corruption
  • Creed
  • Athletics
  • Basketball
  • Boxing
  • Formula 1
  • Rugby
  • Soccer
  • Tennis
  • Minning
  • Gaming
  • Technology
AfricaNews360AfricaNews360
Follow US

© 2024 - AfricaNews360 | All rights reserved.

  • About
  • Advertise with us
  • Contact

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Register Lost your password?