Tag
BRENT OIL
Global crude oil prices have surged past the $65 per barrel mark, marking a notable recovery for Brent and Nigerian oil blends from an early April dip.
Brent and Nigerian oil blends have rebounded from their September lows, stabilizing around $77 per barrel as escalating tensions in the Middle East heighten fears of supply disruptions.
The exchange rate at the parallel market depreciated by 0.4% to close at N502/$1 compared to N500/$1 recorded the previous day.
The naira depreciated against the US dollar on Friday at the official NAFEX window to close at N412 to a dollar.
Oil started the week bullish with investor sentiments boosted by signs of economic recovery from the COVID-19 pandemic in the U.S, and the improved outlook for fuel demand.
Naira fell against the US dollar on Thursday as crude oil prices endure further decline.
The exchange rate between the naira and the US Dollar closed at N409.3/$1 at the I&E window as oil prices closed negative.
Oil prices are under pressure, and recent customs data reveal that crude imports into China were up 7.3% in 2020.
Oil prices drifted lower amid reports revealing OPEC+ members are disconnected as regards to February crude oil output quota.
Brent oil futures gained 0.51% to trade at $48.86/barrel and the West Texas Intermediate futures ticked up by 0.46% to trade at $45.92/barrel.
This year has been a turbulent one for the oil market as crude oil prices went negative for the first time in history.
Brent Oil edged towards $28 a barrel before pulling back to the $26-27 price levels at the Asian Session on Friday morning.