Tag
CRUDE OIL
Brent crude futures gained 0.14 to trade at $34.70 at the time this report was drafted, recovering some of its losses earlier in the oil trading session.
In what may have compounded Nigeria’s energy crisis, India has reported a 60% slump in gasoline and diesel demand
The rebound of crude oil prices in the oil market continued for the second consecutive day, as oil prices went up on Wednesday.
Major crude oil brands had their prices go up, as the oil market had some positive outcomes today.
It is no longer news that the plunging oil prices have increased pressure on the naira. since Nigeria produces less locally
Nigeria’s local oil players are having it rough based on falling crude oil prices, with recent prices lower than local production
Crude oil expanded its gains on Thursday amid signals coming from oil production cuts by major oil producers.
Analysts believe that the recovery of the oil market will take time, as things will only start easing off when the solution to the Coronavirus pandemic starts to record success.
Despite the deal by the OPEC and its allies, in addition to the intervention of US President, the volatility of the oil market still continues unabated.
The alliance of OPEC+ producers, G-20 energy ministers and other oil producers reached a landmark deal which could cut close to 15.0mb/d from global oil supply.
The naira is expected to be under intense pressure from the dollar starting next week, no thanks to Nigeria's poor export earnings due the COVID-19 pandemic.
Nigeria cut its official selling price of crude oil to record lows as it looks to clear a glut of unsold April-loading cargoes.