Oil prices fell more than one per cent on Thursday after rebounding eight per cent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices.
Brent crude oil was down 70 cents, or 1.3 per cent, at 53.77 dollars a barrel by 0845 GMT.
US light crude oil was 50 cents lower at 45.72 dollars.
Oil prices reached multi-year highs in early October but have fallen almost 40 per cent since then and are now approaching their lowest levels for 18 months.
Brent is heading for losses of almost 30 per cent this year while the US contract has dropped almost 25 per cent.
Three months ago it looked as if the global oil market would be under-supplied through the northern hemisphere winter as US sanctions removed large volumes of Iranian crude.
But other oil exporters have more than compensated for any shortfall, filling global inventories and depressing prices.
The fuel glut has combined with faltering investor sentiment in other asset classes, producing a bear market for oil.
Global stocks rebounded on Wednesday after US President Donald Trump’s administration attempted to shore up investor confidence and a report on strong US holiday spending.
The Organisation of the Petroleum Exporting Countries met earlier this month with other producers including Russia and agreed to reduce output by 1.2 million barrels per day (bpd), equivalent to more than one per cent of global consumption.
But the cuts won’t take effect until next month and oil production has been at or near record highs in the United States, Russia and Saudi Arabia, with the US pumping 11.6 million bpd of crude, more than both Saudi Arabia and Russia.
Although US sanctions have put a cap on Iran’s oil sales, Tehran has said its private exporters have “no problems” selling its oil.
“Markets need more concrete evidence on improving fundamental metrics and to bring the supply-demand relationship back to balance before oil prices can reach a real bottom,” said Margaret Yang, market analyst for CMC Markets.
Data on the US market will appear in the next couple of days with figures from the American Petroleum Institute on Thursday and a report from the US Energy Information Administration on Friday.
A Reuters survey estimated that US crude inventories dropped 2.7 million barrels in the week to December 21.
Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.
This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.
This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.
At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.
The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.
The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.
Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.
“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.
Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.
Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.
The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.
Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.
Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).
L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.
In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.
At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.
This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.
We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.
Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.
Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.
These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.