Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

Crude oil prices rebound continues on signs of demand recovery

Chike Olisah by Chike Olisah
April 30, 2020
in General News
Crude Oil worker, OPEC, oil prices, Bulls hit back to support US crude oil amid panic sell- offs in global equity markets, Nigeria’s local oil players smashed by low crude oil prices

Crude Oil Exploration

Share on FacebookShare on TwitterShare on Linkedin

The rebound of crude oil prices in the oil market continued for the second consecutive day, as oil prices went up on Wednesday. This is based on a spate of relatively positive news from the oil market and signs that oil demand is beginning to recover in the world’s biggest economies.

One of the positive news in the oil market is the report from the American Petroleum Institute (API), that crude storage rose by 10.6 million barrels as against the 13.2 million barrels that were projected. This shows an almost 3 million per barrel reduction, probably a sign that the glut might be easing off.

The market reacted positively to the news on Wednesday, as the American WTI went up by 7.5% and it sold for $16.19 per barrel. The Brent crude jumped up by 3.9% at $23.42 per barrel and Nigeria’s headline crude, Bonny light, rose by 11.18% at $16.51 per barrel.

READ ALSO: External reserves decline by over 8%, despite lower FX demand

Some countries and parts of the US are already beginning to lift travel restrictions, though against medical advice in some cases. The market expects higher oil demand from the relaxation of the travel restrictions.

According to a report from oilprice.com, Bjomar Tonhaugen, Head of Oil Markets at Rystad Energy, said:

“Such development could indeed bring some oil demand back, but not that much for the hardest hit road fuels yet as travel restrictions remain. 

“Again, intentions are not actions yet, but they are enough to get trading going, as market participants do not want to miss the positive sentiments in case these hopes materialize.”

READ MORE: Will CBN consider Helicopter money?

After weeks of dismal news, the prospect of a better than expected future for the oil market seems positive. But there is still a long way to go, as opening up, economies too soon could lead to a spike in the virus.

Despite the likely rebound in oil demand, there is still a massive global glut of oil that will need to be cleared before there can be any meaningful price recovery. The global oil demand might take a while to recover.

Related

Tags: American Petroleum InstituteBjomar TonhaugenBusiness Newscrude oilNigerian Business News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • 5 cryptos that could strengthen your portfolio in June
    • LASACO Assurance records 24% drop in Q1’22 gross premium
    • GDP: Non-oil sector grows by 6.08% in Q1 2022

    Follow us on social media:

    Recent News

    5 cryptos that could strengthen your portfolio in June

    5 cryptos that could strengthen your portfolio in June

    May 23, 2022
    LASACO Assurance records 24% drop in Q1’22 gross premium

    LASACO Assurance records 24% drop in Q1’22 gross premium

    May 23, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com