Tag
OIL
Oil prices rose for a fourth straight month, despite its heavy plunge at the last trading session of the month.
U.S. West Texas Intermediate (WTI) crude futures were down by 0.6%, to trade at $63.17 a barrel thereby giving up all of Thursday's gains.
Nigeria hedging its oil can create additional revenue needed for the country to rebalance its reserves
Oil prices suffered significant losses at the mid-week trading session in London.
Brent crude surged by 1.8%, at $63.52 a barrel, after rallying to a session high of $63.76, the highest price sighted since Jan. 22, 2020
Brent crude futures dropped 0.6% at $60.80 a barrel having dropped 0.50% on Thursday.
Brent oil futures lost about 0.2% to trade around $61 a barrel
At the time of writing this report, Brent crude traded at $59.95 a barrel thereby reaching a 1-year high.
The world’s leading oil giant, Saudi Aramco, has predicted that energy demand will return to pre-COVID-19 levels later in 2021.
Oil prices settled lower for the second straight week on fears that energy demand might face challenges.
Brent crude was down by 0.24% to trade at $55.12 barrel, and WTI futures inched down by 0.10% to $52.22 a barrel.
Oil prices drifted lower after digesting a surprising build in U.S. crude oil inventories that re-ignited fuel demand anxiety.