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BONNY LIGHT CRUDE
Nigeria's top crude grades have been in high demand this week due to the country’s strong refining capacity and January's export schedules, which indicate increased demand for Nigerian Bonny Light crude.
Nigeria’s Bonny Light crude is holding steady as the world awaits the 2023 Presidential and National Assembly election results.
Crude oil price closed in on the $72 mark as Brent crude hit $71.85 per barrel on demand optimism.
Naira depreciated against the dollar to close at N410.67/$ on Monday, 10th May 2021, representing a 34 kobo drop from N410.33/$1 recorded on Friday, 7th May 2021.
Crude oil prices rose higher after the International Energy Agency (IEA), in its May oil market report, had predicted lower global inventories in the second half of 2020
The Organization of Petroleum Exporting Countries (OPEC) and its allies finally agreed to a historic crude oil output cut that is expected to help stabilize the oil market after the devastation caused by the Coronavirus pandemic.