Tag
OPEC
News and stories about OPEC
Until Nigeria can diversify its economy to depend less on oil revenue, we would still be observing supercycles and oil developments for forex respite.
Brent crude oil is up 0.33%, currently trading $73.75 a barrel while U.S. Oil, West Texas Intermediate (WTI) is up 0.32%, currently trading $71.52 a barrel.
U.S. crude oil stockpiles dropped sharply last week as refineries boosted operations to their highest since January 2020.
Crude oil price closed in on the $72 mark as Brent crude hit $71.85 per barrel on demand optimism.
the Bonny light crude rose by 0.50% to close at $68.01, with the OPEC basket going up by 0.09% to close at $67.47.
Brent crude is trading $68.16 a barrel, currently down 0.83%, erasing Wednesday's gain.
OPEC crude oil production in April increased m-o-m by 0.03 mb/d, to average 25.08 mb/d, according to secondary sources.
The naira gained at the official window despite the low liquidity at the forex market with dollar supply dropping by 30.7%.
British based oil contract traded at about $63 a barrel while the WTI futures were trading slightly below the $60 price level.
The Nigerian Stock Market ended the first quarter of the year in deep red as the All-Share index fell to a loss of 3.04%.
OPEC+ understands the sensitivity of the oil markets, so it prepares accordingly.
The naira appreciated against the US Dollar on Wednesday, 31st March 2021, at the NAFEX window to close at N408.67 to a dollar.