oil - NOGSpeed - Energy-Affair

Oil prices rose slightly in choppy trade on Monday after last week’s cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China.
Brent crude futures for November edged up by 16 cents, or 0.21%, to $74.65 a barrel by 1011 GMT. U.S. crude futures for November were up 21 cents, or 0.30%, at $71.21.
Oil prices were buoyed last week by the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points and signal further cuts by end of the year, though weaker demand from China is limiting the upside, said Charalampos Pissouros, senior investment analyst at brokerage XM.
Both oil benchmarks rose more than 4% last week.
“Oil looks rangebound despite the uplift to risky asset prices from an outsized policy rate cut by the Fed last week,” said Harry Tchilinguirian, head of research at Onyx Capital Group.
“The market will look to flash purchasing managers’ index (PMI) releases in Europe and the U.S. for economic direction, and if these disappoint, then there is likely to be downward pressure developing on oil prices.”
Euro zone business activity contracted sharply and unexpectedly this month as the bloc’s dominant services industry flatlined while a downturn in manufacturing accelerated, a survey showed on Monday.
A softer economic outlook from top consumer China capped further gains.
“There was some hope earlier this morning that some additional Chinese monetary stimulus is likely in the short term, but the latest PMI out of Europe switched market sentiment from positive to negative,” said UBS analyst Giovanni Staunovo.
“I would expect oil to benefit this week from a large U.S. crude draw as result of elevated U.S. crude exports.”
However, heightened conflict in the Middle East could curtail regional supply.
The Israeli military launched its most widespread wave of airstrikes against Iran-backed Hezbollah, targeting Lebanon’s south, eastern Bekaa valley and northern region near Syria simultaneously after nearly a year of conflict.
“The market could continue to react to the escalating tensions in the Middle East as confrontations between Israel and Hezbollah continue. Heightened concerns over a broader conflict disrupting regional oil supplies could add upward pressure to the market,” said BDSwiss market strategist Mazen Salhab.

The Nigerian Data Protection Commission (NDPC) on Tuesday at the Nigerian Content Tower (NCT), corporate headquarters of Nigerian Content Development and Monitoring Board (NCDMB), Yenagoa, tasked organisations in the country to treat personal data as highly sensitive information by instituting appropriate measures to minimise data breaches.
The Nigerian Data Protection Commission (NDPC) has charged organisations across the country to treat personal data as highly sensitive information by instituting appropriate measures to minimise data breaches.
At a one-day Data Protection and Privacy Induction Training for staff of the Nigerian Content Development and Monitoring Board, on Tuesday at the Nigerian Content Tower (NCT), corporate headquarters, facilitators drew attention to the Nigerian Data Protection Act (NDPA), 2023, designed “to safeguard the rights of individuals regarding their personal data and establish guidelines for organisations handling such data,” while highlighting multiple vulnerabilities in current data management systems.
In the lead presentation, Ms Adaobi Fatima Sanni said data protection is primarily concerned with measures and mechanisms to safeguard data against unauthorised access, and breaches or loss, pointing out that under Section 37 of The Constitution of the Federal Republic of Nigeria,1999 (as Amended), “The privacy of citizens, their homes, correspondence, telephone conversations and telegraphic communications” is “guaranteed and protected.”
‘Principles of Processing Personal Data,’ as highlighted by the presenter, include Data Minimization, which demands that “Data should be adequate, relevant and limited to what is necessary in relation to the purpose for which they were collected,” “Accuracy” and “Storage Limitation.” Under the latter, she empasised that “Personal data should be kept only for the period necessary for the purposes…. Once data is no longer needed they should be deleted or rendered anonymous.”
To ensure compliance with the NPD Act, she urged organisations to develop a data privacy policy, process data in line with the principles of the NDPA, designate a senior officer as a data protection officer, register as a data controller/processor of major importance with the Commission, engage a DPCO to file data protection audit, and to direct contractors, vendors to comply with the Act.
In the second major presentation titled “Technical and Organizational Measures for Data Protection,” the facilitator, Mr Victor Danladi Barde, said Section 40 of the NDPA sets out strict requirements for data controllers/processors to take appropriate action within 72 hours of becoming aware of a personal data breach.
On cybersecurity, relating to protection of networks, computers and other electronic devices against unauthorised access to or interception of data stored on them, he listed necessary proactive and reactive measures. Proactive security practices include data loss prevention (DLP), penetration testing, nurturing cybersecurity culture, and attack surface management. These security measures, he emphasised, help organisations “not only identify the vulnerabilities beforehand but also get to rectify them to avoid any future issues.
Reactive security measures include vulnerability assessment, disaster recovery plan, endpoint detection and response (EDR), and incident response. According to him, “Responding to security incidents quickly, efficiently and in an organized manner will help organizations minimize damages, mitigate threats, restore operations, services and processes.”
In another presentation, Mrs Adama Isamade dwelt on why organisations have to take the issue of data protection and the rights of data subjects seriously, highlighting practical experiences of organisations in regard to compliance and non-compliance. She recalled the case of a breach that resulted in litigation against a major financial institution that ended in the latter having to pay over N580 million.
Earlier in a welcome address the Acting General Manager, Planning Research and Statistics (PRS) of the NCDMB, Mr Ene Ette, expressed appreciation to the NDPC for the training provided to staff at no cost to the Board. He assured that the knowledge obtained would be put into practice to enhance better data management practices in the organisation.
In a vote of thanks at the conclusion of the training, Mr Akinlade Abisoye, a supervisor in PRS, thanked the facilitators for the initiative, stating that the enlightenment was profound.