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BRENT CRUDE
Brent crude lost 5.50%, to trade at $34.05 a barrel by 6 am Nigerian local time after gaining nearly 1% on Thursday.
Brent crude futures gained 0.59%, at $35.96 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 1.07%, at $33.85 a barrel.
Brent crude futures gained 0.14 to trade at $34.70 at the time this report was drafted, recovering some of its losses earlier in the oil trading session.
As world economies around the world re-open businesses, Brent crude gained about 3% percent to trade at $33.83 a barrel at 2.30 am Nigerian time
Brent crude increased by $1.71, 5.49%, as it closed a barrel at $32.84,
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
Brent crude futures went down by about 1% to trade at $26.16 as at 5.45am local time.
Brent crude had an impressive gain of about 23%, while U.S oil surged by about 17%.
Oil prices dropped today, based on signals that global oil storage ability is getting filled up, oil production cuts will not meet up.
Nigeria seems to be falling into a deeper revenue mess as the price of the country’s headline crude, Bonny light fell below the prices of Brent crude and US headline WTI crude.
Crude oil expanded its gains on Thursday amid signals coming from oil production cuts by major oil producers.
Oil prices have continued its downward trend, with Brent crude falling below its average unit cost of production of c.US$23. T