• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business 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 Markets Commodities
Brent crude drops to $25, oil demand drops by about 10% of world’s consumption, Brent Crude Oil hits $26, as Nigeria's Sweet Crude demand falls, Oil price pushes up before OPEC meeting, Asian equity markets mixed, NIGERIA OIL: Darker days ahead as Brent falls below production cost, Brent crude drops, as oil traders focus on OPEC+ meeting

Brent Crude slumps, COVID-19 fears dampens oil demand

Olumide AdesinabyOlumide Adesina
3 years ago
in Commodities
Share on FacebookShare on TwitterShare on Linkedin

Brent crude futures were down 89 cents, or 2.2%, at $40.07 at 6 am local time

The rise in America’s crude inventories (world’s largest consumer of Brent Crude), stoked concerns about an oil glut pressured Brent crude, as the number of COVID-19 caseloads surpassed 8 million worldwide

The international benchmark for crude gained more than 3% yesterday after the International Energy Agency (IEA) raised its 2020 oil demand forecast to 91.7 million barrels per day and U.S posted a positive retail data.

What you need to know about Brent? Brent crude is the leading global benchmark for Atlantic basin crude oils. The international benchmark is used to set the price of crude oil of about of two-thirds of the world’s traded crude oil

READ ALSO: Brent crude plunges 5%, world’s second largest economy skips growth target

“API data showed a build in crude inventories, and rising new coronavirus cases in the United States and China have dampened expectations of improving fuel demand in the world’s top two oil consumers,” said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.

Meanwhile, the Russians and Saudis have agreed to the 9.7 million barrels per day cuts scheduled for July under OPEC+ pact.

The major oil-producing countries were also thinking of imposing conditions on countries like Nigeria, and Iraq, which haven’t complied with the oil output cuts.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: Brent CrudeCOVID-19 caseloadsInternational Energy Agency (IEA)OPEC
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market journalist and investment trader. Message Olumide on Twitter @tokunboadesina

Leave a Reply Cancel reply

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







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

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

Recent News

  • Erisco foods could face legal action for customer arrest- FCCPC
  • Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria
  • UNICEF alerts Nigeria on unprecedented diphtheria outbreak, calls for massive vaccination

Follow us on social media:

Recent News

FCCPC, Chioma Egodi, Eriscofoods

Erisco foods could face legal action for customer arrest- FCCPC

September 27, 2023
Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

September 27, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In