Tag
CRUDE OIL
Nigeria is hopeful that OPEC+ will agree to an increase in production.
The British-based oil contract, Brent crude surged by 0.46%, to trade at $62.99 a barrel, up from four days of losses.
Oil traders are becoming wary that OPEC+ will increase oil output and further distort the energy demand/supply dynamics.
Oil prices suffered significant losses at the mid-week trading session in London.
Oil traders are going bullish on the black liquid hydrocarbon, over the unprecedented cold snap in a leading American energy hub, Texas
Brent oil futures rallied by 1.20% to trade at $65.11 a barrel, the highest since January 20, 2020.
Brent crude futures rose by 0.3%, to $57.62 a barrel, in a fourth straight day of gains after hitting $58.05 on Tuesday.
The U.S dollar index jumped up by 0.69% to 90.743 on Wednesday, after a 0.2% decline the previous session.
With Joe Biden's imminent inauguration as the President of the US, his policy on energy and renewables could very well determine Nigeria´s prosperity for the next 4 years.
Oil traders are now weighing the ever-rising number of COVID-19 cases and the impact on global energy demand.
Brent crude futures gained 0.5%, to $51.09 a barrel, and U.S. WTI crude futures also rallied by 0.5%, to $47.85 a barrel.
Crude Oil prices dropped deeper at the second trading session of the week, following a new strain of COVID-19 virus.