Tag
CRUDE OIL
The naira remained stable at the parallel market to close at N485/$1 on Monday.
British based oil contract traded at about $63 a barrel while the WTI futures were trading slightly below the $60 price level.
The exchange rate between the naira and the US dollar closed at N410.5/$1 at the Investors and Exporters window.
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.
At the time of writing this report, Brent crude rallied by 1.8%, to trade at $63.04 a barrel after losing about 4% yesterday.
West Texas Intermediate (WTI), crude futures plunged by over 3% to trade below $60 a barrel.
The markets are dicey at the moment and the idea of a supercycle might have just been a farce.
Saudi Aramco issued these massive payouts known to be a key source of revenue for the Saudi Kingdom.
U.S based oil contract, West Texas Intermediate futures plunged by 6.4%, and Brent crude futures dropped by 6.8%.
Rising crude oil prices would always bite the economy with the average citizen paying dearly for it.
The commodity market in Q1 2021 has particularly seen some buying pressure relatively on reports revealing COVID caseloads are being subdued.
For the week, Brent crude gained 5.2%, rising for the 7th week in a row for the first time since December,