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GLOBAL OIL DEMAND
Nigeria maintained compliance with its production quota set by the Organization of the Petroleum Exporting Countries (OPEC) for the fifth consecutive month in September, as crude oil output rose to 1.53 million barrels per day (bpd) from 1.50 million bpd in August.
The world’s bloated oil inventories will subside more slowly than previously thought.
Brent crude was up 3.05%, or $1.08, at $33.83 at 9.30 am Nigerian time, having climbed up as much as 5% the day before.
Oil prices slumped on Monday morning in Asia as the Coronavirus pandemic continued to hurt demand while the price war between Saudi Arabia and Russia remained unresolved.