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BRENT CRUDE
Oil prices plunged by nearly $5 per barrel on Monday after Israel’s weekend retaliatory strike against Iran avoided targeting oil and nuclear facilities, leaving energy supplies unaffected.
Brent crude oil futures fell below $70 per barrel for the first time since December 2021, marking a new downturn in prices driven by strong supply, demand concerns, and widespread speculative selling.
Brent crude futures dropped by 49 cents, or 0.63%, to $77.87 per barrel. This marked the first time Brent closed below $80 since February 7th, following a Monday decline of over 3%.
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $85 a barrel, a dollar higher than the active Brent contract.
Nigeria Brass River and Qua Iboe traded close to $92 a barrel while Brent Crude at the time of writing traded at $89 per barrel.
Nigeria oil sold at a premium on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, a shrinking U.S. rig count added to upward price pressure.
Brent crude oil futures increased by 40 basis points to $85.66 a barrel.
Brent crude price rose by 0.3% to $82 per barrel on Tuesday, January 30, 2024. A Nairametrics...
Brent crude price fell by 0.5% to $77 per barrel on Wednesday, January 17 2024.
The price of Brent crude surged 4% to $80.52 per barrel above Nigeria’s 2024 budget benchmark price of $77.96 per barrel.
Oil prices fell further in the London trading session on Wednesday, hitting five-month lows and heightening concerns.
Brent crude and WTI benchmarks recorded some recovery after an initial collapse on Wednesday, December 6. Oil prices went up a bit on Thursday, December 7, after falling to their lowest in six months the day before.