Tag
CRUDE OIL
Brent crude gained 1.1%, to trade at $41.73 a barrel by 6:30 am Nigerian local time.
To tackle weakened oil demand, OPEC and its major allies agreed to a record supply cut.
OPEC+ has not decided on whether to extend the record supply cut of 9.7 million barrels per day.
Bonny light crude reached a four-month high, since early March 9, where its price fell to $37.22.
If cases soar in China and the United States, then the global economy is in for a cataclysmic shock.
Despite the output cuts from OPEC+ and curtailments in North America, crude oil prices may be short-lived as Brent crude could slip back
The naira was strengthened as the commodity-based currency's major earnings, crude oil, remained above the $40 dollar mark
After the output cut by OPEC+ helped to reduce the supply glut, crude oil prices rebounded to the highest level at over $42 per barrel
Crude oil prices, against earlier predictions, surged past the $40 per barrel mark in the early hours of Wednesday – the highest in almost 3 months.
Crude oil prices have been under pressure after Larry Kudlow, said the Chinese were making "a big mistake" with national security laws enacted in Hong Kong.
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.
Nigeria’s economy is in a tight corner, as Brent crude’s value has dropped by half since the worst pandemic in recent history started early this year.