Tag
BRENT CRUDE
The naira appreciated against the US Dollar on Wednesday, 31st March 2021, at the NAFEX window to close at N408.67 to a dollar.
The naira depreciated marginally at the parallel market, as it closed at N486/$1.
The naira appreciated against the US Dollar at the Investors and Exporters window on Monday to close at N409.13/$1.
At the time of writing this report, Brent crude rallied by 1.8%, to trade at $63.04 a barrel after losing about 4% yesterday.
West Texas Intermediate (WTI), crude futures plunged by over 3% to trade below $60 a barrel.
The exchange rate between the naira and the US Dollar depreciated by 0.08% to close at N410/$1 on Friday.
Oil traders are arbitrarily going short, on signs of more COVID-19 lockdowns in Europe.
U.S based oil contract, West Texas Intermediate futures plunged by 6.4%, and Brent crude futures dropped by 6.8%.
Brent crude futures were down by more than 0.6% to trade at $67.50 a barrel after losing 0.6% yesterday.
Brent crude futures were also down by 0.2%, to trade at $68.29 a barrel.
Oil traders anticipate such delays in COVID-19 usage could adversely affect energy demand.
Brent crude is on track to post weekly gains for the eighth week after touching a 13-month high at the first trading session of the week.