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Home Business News

Brent Crude drops by almost 4% to fall below $50

Emmanuel Abara Benson by Emmanuel Abara Benson
February 28, 2020
in Business News, Spotlight
reserves, Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives, Nigeria's Bonny light hit four months high, Nigeria's Bonny light hit four months high
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Global oil benchmark, Brent Crude, finally slipped below the $50 per barrel mark on Friday after declining by as much as 3.85%. It is currently trading at $49.74 per barrel according to Oilprice.com.

This comes as the Coronavirus pandemic continues to spread throughout the world whilst grounding some economies (like China) to a halt. Nigeria confirmed its first case today, making this the third reported case in Africa besides the one already reported in Egypt and Algeria.

The decline in Brent Crude has also intensified speculation that the Organisation of Petroleum Exporting Countries (OPEC) and its allies may now have no choice but to quickly reach a decision on a new output cut that will support oil prices.

RelatedPosts

Brent falls below $100 for the first time since April 2022

Brent reclaims $120 after Saudi Arabia hikes crude prices for July 2022

According to Bloomberg, OPEC had already noted its commitment to reach a new output cut due to the negative impacts the Coronavirus has had on oil prices. Saudi Arabia has reportedly been pushing deeper cuts in the last few weeks, although Russia (an OPEC+ member) has been more cautious on the matter.

In the meantime, the international oil market is shrouded in uncertainty. The Chairman of Facts Global Energy (FGE), Fereidun Fesharaki, recently said:

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“I have never known so much uncertainty in the oil market — and especially so many large uncertainties.”

Details shortly…

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