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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

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    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

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    CBN ends free ATM withdrawals for other banks’customers

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    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Shareholder’s resolutions at Guaranty Trust Bank’s Annual General Meeting

    GTBank gets ₦365.85 billion capital injection, meets new minimum capital requirement

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

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Home Markets Commodities

Oil Prices Fall as Investors Fear Second Wave of Infection

Friday, 12 June 2020, 12:54 am
in Commodities, Markets
0
OPEC unanimously agree to extend 9.7 mb/d oil production cut
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The prices of oil have continued to fall as demand slowed due to the fear of second wave of Coronavirus. U.S commercial oil inventories data on Wednesday came out at 5.7 million barrels.

A high inventory intensifies the fear that demand for oil oil is yet to recover, despite the reopening of the economy in several countries around the world.

As cases of covid-19 continue to increase globally including in the U.S, investors are standing on the fence as fear of another lockdown as a result of second wave of infections sets in.

U.S oil futures Western Texas Intermediate (WTI) is trading at $35.83 per barrel. Brent crude is trading at $38.20 per barrel,

Western Canadian Select (WCS) is trading at $27.22 per barrel. It traded as allow as $26.80 at one point on Thursday.

Nigeria banner oil Bonny light closed at $39.77 per barrel.

Naeem Aslam, chief market analyst at Avatrade said: “Oil is down because of two major reasons. First is a fear of a second wave of coronavirus which raises the odds of another lockdown and slower reopening of the economy.”

He said the fact that US crude oil inventories have risen brings into question how quickly demand for oil can recover, particularly if the US and other countries face the spectre of longer lockdowns.

Read also; Equity Investors Lost N16.9 billion as ASI Declined by 0.13%

Mele Kyari, Group managing director of Nigerian National Petroleum Corporation and OPEC National Representative during a halftime talk on Wednesday with Gulf intelligence said

 “The temporary shift in prices that we have seen recently in the last couple of days, in the last 10 days to be specific is indicative of some response to the cut and some response to the increased demand that we have seen in the market.”

“My thoughts are that is actually more driven by sentiment than by demand because we haven’t seen that significant rise in demand. And of course, even the cuts as you are aware, there are many failures in achieving 100% conformity in the cuts.”

“Which means that the volume that are supposed to get out of that market are still there and therefore the price rise that we saw, that significant jump appears very very cosmetic to me.” And I see that if we don’t contain the supply, we could still slide back to the early March price.”

Read more; The Jump in Oil Price is Very Cosmetic to Me – NNPC Boss Mele Kyari 

In April, U.S oil (WTI) and Canadian oil (WCS) witnessed its greatest fall in history when it traded at negative prices up to minus $40 per barrel due to limited storage capacity as majority of the countries around the were under some sort of lockdown.

Oil prices had rallied back in May, as lockdown restriction are being eased, in addition to the  OPEC+ unanimously agreeing to extend 9.7 mb/d oil production cut till end of July.

Written by;

Ifunanya Ikueze

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