Nigerian crude remained mostly stable but below the $70 mark as investors assessed the impact of Ukrainian drone strikes on key Russian refineries and export terminals, which could disrupt crude and fuel shipments.
Nigerian crude traded at a premium, above $80 a barrel, despite moderation in China's inflation rate and an opaque situation surrounding the country's economic stimulus plans, which have triggered concerns about energy demand in the world's biggest crude oil importer.
Nigeria’s Brass River, Bonny Light, and Qua Iboe have edged much higher than the current Brent contract amid supply concerns over Libya and a smaller-than-expected draw in U.S. crude oil inventories, which depleted demand expectations.
Bonny Light crude reaches $88 per barrel amid Israeli-Houthi conflict, with rising tensions and potential September rate-cut signs.
Nigerian crude contracts were little changed on Friday but were set to rise for a second week amid signs of improving demand and tight supply, despite an uptick in the dollar's value
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $81.55 a barrel, about two dollars higher than the active Brent contract.
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $85 a barrel, a dollar higher than the active Brent contract.
Thursday, 23rd September 2021: The exchange rate between the naira and the US dollar closed at N413.68/$1, at...
Thursday, 29th July 2021: The exchange rate between the naira and the US dollar closed lower at N411.67/$1 at...
At the parallel market, the naira remained stable at N505/$1, the same as recorded since Friday, 9th July 2021.
The exchange rate also depreciated against the US dollar at the parallel market to close at N503/$1 compared to N502/$1 recorded on Tuesday.
Indian refineries have slowed down buying Nigerian oil as a result of COVID-19.
