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Nymex Rises as Refiners Cut Stockpile
NEW YORK – U.S. crude oil prices pulled back from Wednesday’s highs but retained their gains after domestic stockpiles posted a smaller-than-expected decline.
The Energy Information Administration said the amount of crude oil stored in the U.S. fell by 5.6 million barrels last week, less than half the drawdown reported by the American Petroleum Institute late Tuesday. The trade group said oil stocks fell by 12.4 million barrels in the week ended Nov. 29.
Still, it was the first decline in stockpiles in 11 weeks, as refiners ramped up their production of gasoline, diesel and other products. Refiners boosted their operations by 3 percentage points to 92.4%, well above the average forecast of a 0.4-point rise in a Wall Street Journal survey of analysts.
Light, sweet crude oil for January delivery on the New York Mercantile Exchange was recently up 0.8%, or 78 cents, at $96.82 a barrel, after rising as high as $97.53 in early trade.
Nymex crude also was boosted by news that TransCanada Corp. TRP.T -1.04% plans to bring a new pipeline into operation next month that will allow more crude to flow from the Midwest to Gulf Coast. The link of the Keystone pipeline from Cushing, Okla., to Port Arthur, Texas, can handle up to 700,000 barrels a day of crude.
“Expanded take-away capacity out of Cushing is expected to force big reduction in imports,” said Jim Ritterbusch, president of Ritterbusch & Associates, referring to an escalation an already growing trend.
Cushing is the delivery point of the Nymex contract and prices for U.S. futures gained at the expense of ICE North Sea Brent crude, reflecting the potential for lower imports. ICE January Brent traded 55 cents lower, at $112.07 a barrel.
Traders said Nymex crude also gained on a report from private payroll company ADP that 215,000 U.S. jobs were added in November, more than economists’ forecasts for a rise of 178,000 jobs. The Labor Department’s jobs data due out Friday is being widely watched, as signs of economic recovery could provide hints about the timing of the Federal Reserve’s stated desire to reduce its economic-stimulus program.
Analysts said the market paid little attention to news that the Organization of the Petroleum Exporting Countries agreed to keep its 30 million barrels a day output ceiling in place and to meet again on June 11. Oil ministers from Libya, Iraq and Iran said they expect their output to increase, meaning that OPEC will face tough talks on how to make room for that additional oil. Iran’s oil exports continue to be limited by sanctions but a preliminary six-month deal reached late last month with Western nations raises at least the potential that these sanctions could be loosened by the time of the June meeting.
– WALL STREET JOURNAL
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Obi Calls for Tinubu’s Resignation Over ‘Failure in Governance’ After UK PM Exit
Former presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on President Bola Ahmed Tinubu to resign over what he described as “failure in governance,” drawing comparisons with political accountability in other democracies following the resignation announcement of UK Prime Minister Keir Starmer.
In a statement posted on his official X account on Monday, Obi said he had followed Starmer’s resignation speech and reflected on what he described as the importance of leadership responsibility in democratic governance.
ALSO READ: UK PM Keir Starmer Resigns
“As a keen observer of global politics, my primary interest lies in examining what successful nations do right and the structural factors that cause others to lag or struggle with governance and development,” Obi said.
He noted that Starmer’s decision followed growing public dissatisfaction over economic challenges, rising cost of living, and unmet campaign promises in the United Kingdom.
Obi then drew parallels with Nigeria, recalling that before the 2015 general elections, President Bola Ahmed Tinubu had repeatedly called on then-President Goodluck Jonathan to resign over insecurity.
“During the Chibok school kidnapping incident, he demanded the immediate resignation of President Jonathan, arguing that the government had failed in its most fundamental duty of protecting lives,” Obi stated.
He also referenced campaign promises made by Tinubu during the 2023 elections, including commitments to improve electricity supply, tackle corruption, and enhance the welfare of Nigerians.
“President Bola Ahmed Tinubu made several promises, including improved electricity supply. He also challenged the electorate not to vote for him for a second term if he failed to deliver on those commitments,” Obi said.
According to him, conditions in the country have since deteriorated, with persistent power shortages, worsening insecurity, and deepening economic hardship.
“At present, however, these conditions have worsened. Electricity supply remains unreliable, insecurity has intensified in many areas, including kidnappings, and economic hardship has deepened rather than eased,” he added.
Obi further argued that other sectors, including infrastructure, transportation, and anti-corruption efforts, had also suffered setbacks, insisting that Nigeria is currently in “the worst possible condition.”
The opposition figure therefore called on President Tinubu to step down, saying such a move would promote accountability in public office.
“I, therefore, join Nigerians of goodwill in calling for the resignation of the President over monumental failure in governance,” Obi said.
He added that resignation would help foster “a political culture rooted in accountability and responsibility” and reinforce the idea that “public office is a sacred trust, not an entitlement,” stressing the need for what he called “a New Nigeria that is possible.”
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Ex-IGP Usman Alkali Baba Joins Yobe Governorship Race, Vows to End Insurgency
Former Inspector General of Police, Usman Alkali Baba, has formally declared his intention to contest the 2027 governorship election in Yobe State, promising to tackle insecurity and rebuild the state’s economy.
In a statement released Tuesday following a consultation meeting in the state, the retired police chief said his ambition is driven by a desire to restore peace, strengthen institutions, and accelerate development across all sectors.
Alkali pledged to “wipe out insurgency” and revive economic activities disrupted by years of insecurity, noting that his administration would prioritise intelligence-driven security and community partnerships.
“My vision for Yobe State is clear. I want a state where security is strengthened through intelligence and community partnership. I want a state where farmers can return to their farms with confidence, traders can move freely, and children can go to school without fear,” he said.
The former police boss emphasised his experience in national security management, stating that his years in public service have equipped him with the discipline and strategic thinking needed to govern effectively.
According to him, Yobe State requires leadership that understands security, institutional coordination, and human development, adding that insecurity has significantly hindered growth and deepened poverty in the region.
He also outlined plans to boost agriculture, expand infrastructure, and invest in education and youth empowerment. Alkali promised to provide microcredit support for women and equip young people with technical skills and startup kits to drive commerce and industry.
On healthcare, he pledged to combat child-killer diseases, including polio, and introduce free maternal healthcare services, as well as free medical care for children aged zero to five.
“Mothers will not die during childbirth, and children will live and thrive. They will go to school and graduate in a safe and secure environment,” he assured.
Alkali further stated that his administration would focus on inclusive governance, ensuring development reaches all local government areas without discrimination.
While expressing readiness to build on the achievements of the current administration, he maintained that governance must go beyond rhetoric and propaganda, stressing that it requires “vision, action, and the courage to make tough decisions.”
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Bayern Won’t Sell Olise Even for €200m — Rummenigge Drops Bombshell
Bayern Munich have made a strong statement over the future of winger Michael Olise, with Vice-President Karl-Heinz Rummenigge insisting the club would reject even a €200 million offer for the player.
The comments, reported by transfer expert Fabrizio Romano on Monday, highlight Bayern’s long-standing policy of prioritising sporting stability over financial gain.
SEE ALSO: BREAKING: Chelsea Hit With £10.75m Fine, Transfer Ban
Rummenigge explained that the club’s position is rooted in a historic decision made in 2009, when Bayern received a massive bid from Chelsea for Franck Ribéry.
After internal discussions involving then CFO Karl Hopfner and former president Uli Hoeneß, the club chose to reject the offer — a decision that shaped its modern transfer philosophy.
According to him, that principle remains unchanged today.
He stressed that Bayern do not consider selling players who are essential to the team, adding that even a record-breaking €200 million bid would not change their stance on Olise.
The statement is expected to fuel further transfer speculation across Europe, but Bayern officials maintain that Olise is a key part of their long-term sporting project and not for sale.
Bayern Munich continue to uphold their “untouchable players” policy, while Michael Olise remains central to their squad plans.






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