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Home Business News

Raging bulls lift Brent crude price by 10%

Olumide Adesina by Olumide Adesina
April 23, 2020
in Business News, Politics
Value of shares traded by top 10 stockbrokers up 133% despite COVID-19, investors, Raging Bulls lift Brent Crude price by 10%
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Crude oil expanded its gains on Thursday amid signals coming from oil production cuts by major oil producers, to minimize the negative impacts of the COVID-19 pandemic.

Brent crude was 10% up, trading at $22.14 a barrel earlier on Thursday, after surging more than 5% on Wednesday.

READ MORE: COVID-19 outweighs stimulus package on global financial market

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As oil demand plunges, Russia, OPEC, and other oil producers, a group, referred to as OPEC+, are set to cut oil production by a record 9.7 million barrels per day from May 1.

Yesterday, in the world’s largest economy (America), crude inventories climbed up by 15 million barrels from the week of April 17 to 518.6 million barrels, near a record of 535 million barrels set in 2017.

READ MORE: NIGERIA OIL: Darker days ahead as Brent falls below production cost

Crude oil Inventories are expected to keep climbing up due to refineries cutting oil production, and the collapse in demand for energy commodities around the world.

The COVID-19 pandemic has been spreading around the world at an alarming pace; it has infected more than 2.5 million individuals and killed over 150,000 people, forcing governments to impose lockdowns, and close factories, thereby reducing oil demand. 


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Tags: Brent CrudeCOVID-19 Pandemiccrude oilNigerian Business NewsOPEC
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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