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    UK Court awards £20m Damages in favour of Nigeria against P&ID

    FG, States, LGs share ₦2.00 Trillion for month of July 2025

    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

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    NNPC and Partners to build first methanol plant in Nigeria

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    International Energy Insurance Plc announces full and final repayment of JPY1.85 billion Coupon Bonds due 2028

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    Wema Bank Plc surpasses recapitalisation target

    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

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    Again DMO offers N360 billion FGN bond for February

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    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

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Home Markets Commodities

Brent rises above $60 per barrel as oil rally continues

Monday, 8 February 2021, 10:53 am
in Commodities, Markets
0
Brent rises above $60 per barrel as oil rally continues
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Oil prices has continued to rally on Monday with Brent futures rising above $60 per barrel, the highest since January last year. The rally is supported by economic revival hopes and supply curbs by producer group OPEC and its allies.

At 0900 GMT on Monday Brent crude oil futures rose to a high of $60.25 per barrel.

The U.S. West Texas Intermediate crude futures traded at $57.66 per barrel the highest since January last year.

Nigeria Bonny Light trade at $58.93 per barrel, a 2.03% increase.

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The pledge of additional supply cut by Saudi Arabia in February and March coupled with reductions by other members of the OPEC+ including Russia, is helping to balance global markets and support prices.

In another development, Algeria’s energy exports are plummeting as the country is struggling to maintain shipments of oil and gas. According to Bloomberg report, the decline is so severe that “Algeria might cease to be an crude exporter within a decade,” said Cherif Belmihhoub, a minister in charge of economic projections.

In 2020, the country’s liquified natural and crude export dipped around 30%.according to Bloomberg ship-tracking data. In January Algeria’s oil export fell 260,000 barrels per day, which is 36% decline compared to December figures and the lowest since 2017.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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