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    Security features of the new naira notes revealed by the CBN

    DSS intercepts syndicates selling new naira notes, bank officials implicated

    Sharia Council asks INEC to hold all elections same day

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    How Osun state governor, Adeleke was sacked by tribunal

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    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

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    • Economic Data
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    • All
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    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

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    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

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    DMO offers N360 bn FGN Bonds for subscription in January

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    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

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    UBA suffers maximum possible loss on NSE as investors dump the stocks

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    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

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    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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Home Markets Commodities

Oil Price rises to highest since March on Vaccine and Biden news

Tuesday, 24 November 2020, 6:47 pm
in Commodities, Markets
0
Oil price threatened by rising new Covid-19 cases as Supply cuts hold it above $43 per barrel
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Oil prices have risen to the highest level since March on Tuesday, after a raft of positive vaccine news sparked a comeback in one of the sectors hardest hit by the pandemic coupled with the news on the start of the U.S. presidential transition process.

Brent crude, the international benchmark, gained more than 4 percent on Tuesday to reach as high as $48 a barrel during afternoon trading in London, as traders bet that travel and other energy-intensive industries would pick up in 2021 if coronavirus can be brought under control.

U.S oil, Western Texas Intermediate (WTI) rose as high as $45.2 per barrel.

Nigerian Banner oil, Bonny Light stood at $45.79 per barrel.

In April oil price crashed into the negative territory for the first time in history due to the fear of supply glut following low demand, triggered by lockdown in several countries.

  • Read also: Just in: Reps pass Petroleum Industry Bill for second reading
  • Central Bank of Nigeria retains Monetary Policy Rate (MPR) at 11.5%

Oil have averaged just $42 a barrel this year compared to $64 a barrel in 2019 and $71 a barrel in 2018.

Analysts at PVM oil brokerage in London said that traders were increasingly treating the prospect of vaccines as a “game-changer” for the energy sector, though prices remain well below the near $70 a barrel they traded at before the pandemic.

Global oil demand, which averaged about 100m b/d before the pandemic, has been down by about 10 percent on average this year as flights have been grounded and as many people have worked from home rather than commuting to the office.

In another development, Saudi Arabia, confirmed that Houthi rebels in Yemen targeted an oil facility in northern Jeddah province, a reminder of the ever-present risk of instability in the region. The Kingdom’s energy minister said that the attack on Monday caused a fire at an oil tank inside a fuel-distribution center, according to Bloomberg report.

By: Ifunanya Ikueze

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