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BRENT CRUDE
Experts observed that the decrease in prices of Brent crude and West Texas Intermediate (WTI) benchmarks occurred due to an imbalance between the amount of oil available and the amount buyers want.
Brent crude price fell to $78 per barrel following OPEC meeting postponement. On Wednesday, November 22, the Organization of Petroleum Exporting Countries (OPEC) announced that the meeting of oil producers which was scheduled to take place on November 26 has now been postponed to November 30.
Brent crude is back to $80 per barrel after dropping to $72 per barrel on Friday, November 17
The World Bank has said that the global oil price benchmark, Brent crude will average $84 per barrel in 2023. The Bank stated this in its Commodity Markets Outlook report released earlier today, October 30.
A Nairametrics review of global crude prices on Wednesday, October 18, revealed that Brent crude was holding at $91 per barrel.
An early review of oil prices on Friday, October 6 revealed that Brent crude price was at $84.21 per barrel around 6:17 AM (GMT+1).
Brent crude dipped on Wednesday ahead of a meeting of the OPEC+ ministerial council, as the market weighed expectations for tighter supply against concerns that high-interest rates could dampen fuel demand.
A recent assessment of oil prices conducted on Thursday, September 28 at 5:00 AM (GMT+1) revealed that Brent crude had surged to $97.24 per barrel, marking its highest point since November 2022.
Brent crude crossed the $95 per barrel threshold as the value of the naira versus the US dollar hit a record low at the black market.
In analyzing the dynamics of the global crude market on Monday, September 18, at 5:14 AM (GMT+1) using data from Oil Price, it was observed that Brent crude remained steadfast at $94.30 per barrel.
In recent weeks, Brent crude has seen a steady increase, reaching a 10-month high of $90 per barrel precisely one week ago.
The price of Brent crude, the international benchmark, to above $90 a barrel on Tuesday, up more than 12% since the start of the year.