Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • 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
  • 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
    • 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
  • 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

Oil prices record highest monthly jump since May

Olumide Adesina by Olumide Adesina
December 1, 2020
in Commodities, Spotlight
Brent crude crashes 5%, oil storage capacity almost full,Brent crude oil surges to $31.55, oil demand picks up, Nigeria and the irony of rising crude oil prices

Crude Oil Exploration

Share on FacebookShare on TwitterShare on Linkedin

Crude oil bulls were all fired up in the month of November as oil prices gained over 27%.

London-based oil contract Brent crude futures, at the time of writing this report, was down 1.22%, trading at $47.59/barrel. For the month of November, Brent gained 28%, its best month since a 95% jump in May from April’s lows.

U.S based oil contract West Texas Intermediate futures, was also down at 0.68%, at $45.03 per barrel. For the month of November, it rallied up by 27%, also recording its best recovery since May.

RelatedPosts

Nigeria’s path to non-oil dollars rest on these four sources

OPEC says global oil markets to enter surplus in Q3 2022

What this means: oil traders are throwing caution into the wind, thereby increasing their buying pressure on reports of positive news on Covid-19 vaccines, including the chance of some Americans getting their first doses before Christmas, triggered oil prices to go up momentarily taking to account COVID-19 pandemic remained the major obstacle crude oil bulls were facing.

However, Stephen Innes, Chief Global Market Strategist at Axi in a note to Nairametrics, spoke on the need for oil traders to be a bit wary of the bias that the Saudis are considering taking the bench in regards to OPEC+ compliance, cut many energy analysts off guard.

News continues after this ad


“According to press reports, the big news overnight is that Saudi Arabia is considering resigning from its role as co-chair of the OPEC+ Joint Ministerial Monitoring Committee, which puts pressure on crude. Saudi co-chairs the JMMC with Russia. It is not clear what Saudi’s goals are, but it is not easy to imagine an OPEC+ without Saudi playing a direct role at the top. The talks are delayed letting cooler heads prevail, suggesting that the infighting was reaching unpalatable levels. Given the gravity of the situation, all parties felt it was best to have a cooling-off period,” Innes stated.

What to expect: Still OPEC+ awaited deal remains insight, and crude oil prices are in a pretty good spot for 2021 with COVID-19 vaccine rollout expected to push oil prices around the $60/barrel mark despite the current level of OPEC+ muteness prevailing.

News continues after this ad


Related

Tags: Brent CrudeChief Global Market StrategistCovid-19OilOPECStephen InnesWest Texas Intermediate

Leave a Reply Cancel reply

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

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






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

    Recent News

    • 6th Tech Innovations Awards to celebrate excellence and innovation in the tech industry
    • Fake Manchester United token soars over 3,000% after Elon Musk’s joke
    • Todd Boehly: The billionaire who acquired Abramovich’s Chelsea FC for £4.35 billion

    Follow us on social media:

    Recent News

    6th Tech Innovations Awards to celebrate excellence and innovation in the tech industry

    6th Tech Innovations Awards to celebrate excellence and innovation in the tech industry

    August 17, 2022
    Manchester United terminate sponsorship deal with Russian-owned

    Fake Manchester United token soars over 3,000% after Elon Musk’s joke

    August 17, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • 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
    • Business 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