Oil Prices Rise On Strong Demand In United States

Oil prices rise on strong demand in United States. Oil prices rose on Thursday, boosted by a strong outlook for demand in the United States after fuel inventories fell more than expected, and a weaker U.S. dollar.

Brent crude futures were up 34 cents, or 0.5%, to stand at $71.12 a barrel by 0745 GMT, their highest level since March 3. U.S. West Texas Intermediate crude (WTI) gained 42 cents, or 0.6%, to $67.58.

The price of OPEC basket of twelve crudes stood at $74,12 a barrel on Tuesday, compared with $73,65 the previous day, according to OPEC Secretariat calculations. U.S. government data showed a higher-than-expected drawdown last week in distillate inventories, including diesel and heating oil, which fell by 2.8 million barrels, outstripping a drop of 300,000 barrels predicted in a Reuters poll.

Also, OPEC’s Monthly Oil Market Report for March 2025, says the Secretariat expects robust oil demand growth to continue in 2026.
Global oil demand for 2026 is forecast to grow by 1.4 mb/d, year-on-year, unchanged from last month’s assessment.

The Organization for Economic Co-operation and Development (OECD) is forecast to grow by about 0.1 mb/d, y-o-y, while demand in the non-OECD is forecast to increase by about 1.3 mb/d.

Oil Prices

“U.S. oil demand outlook remains healthy despite lower air travel passenger volumes,” JPMorgan analysts said in a note, adding that reduced U.S. travel activity did not signal broader weakness in the demand outlook.

Global oil demand averaged 101.8 million barrels per day (bpd), an annual increase of 1.5 million bpd, the analysts said.

U.S. crude inventories, rose 1.7 million barrels, however, exceeding expectations for an increase of 512,000 barrels in an earlier Reuters poll.

Air Peace Offers ₦600,000 Discount On London Flights With Extra Baggage Allowance For Nigerian

Air Peace offers ₦600,000 discount on London flights with extra baggage allowance for Nigerian. Air Peace has announced a ₦600,000 reduction in airfare for passengers traveling from various Nigerian cities to London, along with an additional luggage allowance.

In a statement issued on Wednesday by the Head of Corporate Communications, Dr. Ejike Ndiulo, the airline confirmed that the promotional offer will run until March 31, 2025, with an extended travel period until April 15, 2025.

Air Peace Offers

“As the largest airline in West and Central Africa, Air Peace remains committed to enhancing prosperity through reliable air travel, solidifying Nigeria’s standing in global aviation,” the statement read.

With its expanding domestic and international network, the airline aims to create more travel opportunities and support business growth in an increasingly connected world.

Elon Musk’s X Raises Nearly $1bn From Investors Despite Recent Cyberattacks

Elon Musk’s X raises nearly $1bn from investors despite recent cyberattacks. Elon Musk’s social media platform, X (formerly Twitter), has secured nearly $1 billion in new equity funding from investors, maintaining a valuation close to its 2022 level when Musk took the company private.

According to Bloomberg, the latest deal values X’s equity at approximately $32 billion. Musk’s $44 billion acquisition of Twitter in 2022 included at least $12.5 billion in debt, meaning the new funding keeps the company’s enterprise value largely unchanged.

Sources familiar with the matter confirmed Musk’s participation in the fundraising, with reports indicating that X may use part of the funds to reduce its outstanding debt.

Elon Musk

Investment firms such as Darsana Capital Partners, which had previously acquired some of X’s debt, and 1789 Capital, a backer of Musk’s ventures xAI and SpaceX, were among those involved in the funding round.

This development comes just weeks after X suffered a major cyberattack that disrupted its services.

Musk attributed the outages to a “massive cyberattack” but did not provide further details.