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Renewed Omicron Panic Weakens Crude Oil Market



1640064605 crude oil market

By Adedapo Adesanya

The crude oil market was weakened on Monday by more than 2 per cent amid fresh Omicron fears, causing the Brent to decline by $1.83 or 2.49 per cent to trade at $71.69 per barrel as the West Texas Intermediate (WTI) lost $2.20 or 3.1 per cent to settle at $68.66 per barrel.

Surging cases of the Omicron coronavirus variant in Europe and the United States poked investors to worry that new mobility restrictions to combat its spread could hit fuel demand.


The United Kingdom said it would not rule out coronavirus restrictions before Christmas after the government previously recommended working from home if possible.

The Netherlands implemented new strict lockdowns on Sunday, with bars, restaurants, and nonessential shops ordered shut until mid-January. And only four guests will be allowed per household over the holidays.

Germany will ban travellers from the UK starting on Monday, and Ireland has instituted an 8 p.m. curfew for bars, restaurants, and live events.

US health officials urged Americans on Sunday to get booster shots, wear masks and be careful if they travel over the winter holidays as the country signalled that it is unlikely to institute new lockdowns.


Omicron, already present in 89 separate countries, is prompting other countries to employ further restrictions.

The market could not be swayed even as Moderna announced on Monday that a booster dose of its COVID-19 vaccine appeared to be protective against Omicron in laboratory testing.

The International Energy Agency (IEA) said last week that while the surge in COVID cases was set to temporarily slow the recovery in global oil demand, the impact of the Omicron variant would likely be more muted than previous waves and wouldn’t’ upend the current demand recovery.

Yet, the outcome of Monday’s trading pushed that to the side with the lockdowns clamping down on expected oil demand, which is projected to improve next year.


Meanwhile, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) compliance with oil production cuts stood at 117 per cent in November, up a per cent from the previous month’s 116 per cent, as output continues to lag behind agreed targets.

Business News

Germ Traps in the Kitchen



SweepSouth germ traps in the Kitchen

From fridges to coffee makers, these are 5 germ traps in your kitchen.

We all want our homes to feel sparkly clean, but there are some areas that may not be making it onto your household chores list.

Aisha Pandor, whose on-demand home services company SweepSouth helps people to keep their homes spotless, lists the places we often forget to clean.


In a study by global health organisation NSF International looking at where the highest concentration of germs can be found in the average household, three of the top five germ hot spots were in the kitchen – which leads to the first area that needs a good clean.

The back of your fridge

Topping the list of places in the home that rarely gets cleaned is the back of the fridge – that’s the exterior back, not inside! The coils located there work to cool the air down, but they can’t do so efficiently if they’re coated with grime. To reach the coils, Aisha advises you to unplug your fridge, pull it away from the wall and gently brush off any dirt and dust on the coils.

Do this annually and it will help you save on power costs. A fridge is one of the top energy-using appliances in the home, and simply cleaning its exterior coils can reduce the amount of energy it uses by up to 30%. Remember to leave space between your fridge and the wall once you’ve pushed it back into position, to allow air to freely circulate.



Tiled backsplashes are often overlooked during cleaning, but they’re notorious for attracting grease and grime. That grease acts as a magnet for dust and dirt, says Aisha — not exactly the type of environment where you want to be preparing food.

To clean backsplashes using natural products, mix two cups of distilled white vinegar with a cup of water and 15 drops of eucalyptus oil. Dab a cloth into the mixture and rub over the tiles to clean. You can use this cleaning mixture on any shiny non-porous surface, like sinks, too.

Ovens and hobs


At the very heart of the kitchen’s food preparation, ovens are prime real estate for germs. Clean the interior regularly, and line the bottom with foil to catch any drips and spills. When the foil becomes grimy, simply peel off and throw it away.

It’s not just the inside that needs cleaning, though — stove knobs are in the top 10 for common places where germs hide. To clean, remove the knobs and wash in hot soapy water. Rinse well, allow to dry, and reinstall. On a gas hob, dismantle the gas rings and clean separately in hot soapy water.

Can opener

Chances are that you seldom take a close look at your can opener, yet it’s surprising how grimy this kitchen aid can become. Can openers can harbour bacteria like salmonella and e.Coli, and should be washed after every use to clean the gears and cutting wheel.


Dry thoroughly to prevent rust. If there’s a build-up of dirty residue in your can opener’s wheel, Aisha has a nifty trick to clean it: simply clamp the wheels onto a piece of dry paper towel and turn the handle to get rid of any gunk.

Coffee maker cleanse

Coffee machines’ water tanks or reservoirs usually have lids to stop dust, dirt and insects from getting in. However, a study by a health organisation, NSF International, of where the highest concentration of germs can be found in the average household, showed that coffee machine water tanks are the fifth most germ-ridden place in the house.

A tank’s moist, dark, location is a prime place for germs and bacteria to grow. In fact, the study discovered that 50% of households had yeast and mould in their coffee maker water tanks, and one in 10 had traces of coliform, a bacteria found in animal and human faeces that can cause gastrointestinal upset and flu-like symptoms. If you regularly make coffee, Aisha advises that you rinse the water reservoir regularly — if not daily, at least every week.


While experts do say we need some exposure to germs to help build strong immune systems, we need to limit being around germs that cause serious illnesses, says Aisha. By cleaning the above areas regularly, you’ll help keep your kitchen more hygienic and safer.

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Business News

Dangote Cement Plc obtains SEC approval for late filing of Audited Statements



1643030701 Dangote cement

Dangote Cement Plc has filed a notice announcing that the Securities and Exchange Commission (SEC) has granted the company approval to file its Annual Audited Financial Statements on or before February 28, 2022, which is within sixty days of its year-end.

In addition, the regulator granted approval for Dangote Cement not to file its Fourth Quarter Unaudited returns within thirty days of its ending period.


This notice which was signed by the company’s deputy secretary, Edward Imoedemhe, and filed with the Nigerian Exchange Limited (NGX) stated that, “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end”.

This means that the company will be filing its Audited Financial Statements for the year ended December 31, 2021, on or before February 28, 2022.

What you should know

  • In its nine months financial statement for the period ended September 30, 2021, the cement manufacturer generated N1.02 trillion, just 1.16% below what it generated in its full-year 2020 report. Compared to the nine months of 2020, the company increased its revenue by 34.24%.
  • In Q3 2021, however, the financial result revealed that revenue grew by 16.53%, while net income for the period appreciated by 4.94% from N82.54 billion in Q3 2020 to N86.62 billion in the current period.
  • Recently, the company concluded a two-day share buy-back program, repurchasing a total of up to 170,003,074 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the currently issued shares, less treasury shares.
  • The repurchase scheme saw share prices jump to an all-time high of N284.90 per share, increasing the company’s market value by 253 billion.

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Source: NairaMetrics

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