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CRUDE OIL PRICES
Note that OPEC members usually take a decision on their plans for oil trade for the month of July in the first week of June, so as to give them time to react quickly to decisions at the meeting.
The rising tension between the US and China is weighing on the global markets. For political reasons, the leadership of each country is blaming the other for the coronavirus pandemic.
Brent crude lost 5.50%, to trade at $34.05 a barrel by 6 am Nigerian local time after gaining nearly 1% on Thursday.
Offers for Nigeria's oil are said to be "firming up" as crude oil prices maintain bullish trend.
Naira it dropped against the dollar today it was selling at N456 to S1 as individuals rush in to meet their fx payment obligations
Global oil prices have surged to a 2-month high on growing signs of a rebound in oil demand.
The American WTI fell by 1.55% to sell for $25.38 per barrel, early Wednesday morning after surging 6.8% on Tuesday. Brent crude was down by 2.03% to sell for $29.37 per barrel.
Crude oil prices dropped on Sunday after 2 consecutive weeks of upward movement since February as the global supply glut still continues
Crude oil prices gained today, after China’s impressive export data was released hours ago. China’s exports surged by 3.5%
In what may have compounded Nigeria’s energy crisis, India has reported a 60% slump in gasoline and diesel demand
A cursory view of the financial statement shows that the company booked N47.5 billion in impairments, as the company decided to revalue its oil and gas assets following the crash in oil prices
As the country’s external reserve faces more pressure, foreign investors have been held down in Nigeria’s debt market.