Tag
CRUDE OIL
Market breadth closed negative as CAP led 10 Gainers as against 19 Losers topped by ARBICO.
OPEC pumped 24.7 million barrels a day for the month of August.
Brent crude prices in the last few weeks, keep ranging between the $44-$46 ranges.
Crude oil traders are presently concerned as the storm sets its course on the Gulf of Mexico.
Also Brent crude soared by 0.4%, to trade at $44.07, heading for a weekly rise around 0.5%.
Oil prices began to recover remarkably, but the naira does not seem to follow the path of recovery.
With the scaling back of the OPEC+ cuts of 9.7 mbpd to 7.7 mbpd we may begin to see some pressure on brent price.
China increased its order on energy and farm purchases ahead of a review of the Sino-U.S. trade deal.
Brent crude held most of it gains from the previous trading session.
Oil prices may fall again if there is another surge in Coronavirus cases.
Oil markets traded softer into the weekend on the back of escalating US-China tensions.
Energy demand at one point was down by more than 30% globally.