Diamond Bank CEO speaks on access bank merger

Oil prices are down in early trade, as rising U.S crude inventories and weak economic data from China erased some of the sharp gains from Tuesday's 4.7 per cent surge. To review the global oil markets and the impact on Nigeria's oil and gas space, Rolake Akinkugbe-Filani, Senior Vice President and Head of Energy and Natural Resources at FBNQuest Merchant Bank joins CNBC Africa for more.

The attacks on Saudi Arabia's oil facilities has led to the increase in the oil prices in the international market.

Saudi Arabia's crown prince warns in a 60 Minutes interview that oil prices could spike over tensions with Iran, and denies involvement in the killing of journalist Jamal Khashoggi nearly one year ago.

In this edition of "Charting Futures," Bloomberg Intelligence's Mike McGlone examines crude oil prices with Bloomberg's Abigail Doolittle on "Bloomberg Markets: The Close."

Why the US-Iran tensions are driving up oil prices

Saudi Arabia has taken drastic measures after Russia refused to comply with OPEC efforts to stabilize the market. The economic fallout of the coronavirus outbreak is cutting deep into global demand for fossil fuels.

The price of US oil plunged below zero for a second day on Tuesday, as a supply glut in the market leads to a shortage of space to store excess oil. West Texas Intermediate plunged as low as $-40 on Monday, which means producers were having to pay buyers to take their oil. The plunge has been exacerbated by the fact that Tuesday is the final day for contracts to deliver barrels in May, when demand is expected to remain low.

Oil prices remain turbulent, a day after turning negative for the first time in history. The coronavirus pandemic and lockdowns around the world have seen demand for oil dry up, and storage space is running low. Analysts say the international benchmark, Brent crude, is a better reflection of the current state of the market, but prices remain at their lowest level in decades. Donald Trump has pledged to support America's oil and gas industry - we look at what measures could be in store.

These are strange times indeed — with oil prices in negative territory, sellers are practically giving it away. But is that really because of the coronavirus or is it about the oil market itself?

With the global economy grinding to a sudden halt because of the Covid-19 pandemic, oil prices are going through the floor with suppliers fast running out of room to store the stuff. That’s terrible news for oil producers the world over, particularly in countries who rely on hydrocarbon handouts to keep regimes afloat. But if you’re dreaming of free fill-ups, don’t hold your breath. It might not be such great news either for cash-strapped consumers: for one, much of the price at the pump is tax and it will only fall so much.

Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.

Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.