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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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    • 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

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

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    JUST IN: CBN limits weekly cash withdrawal to N100k

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    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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    Equity Market turns bearish… As Value Traded Spikes by 409.01%

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

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    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 Prices Maintain recovery as Economic activities resumes in some countries.

Thursday, 30 April 2020, 3:31 pm
in Commodities, Markets
0
Reasons Behind U.S Negative Oil Price as It Recovers Above $1
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 Oil prices for futures contract maintained it’s recovery after suffering the heaviest loss in the preceding week due to fast exhausting storage facilities and massive decline in demand.

With the record deal agreed by OPEC+ on production set to kick in on Friday 1st May and more countries joining the output cut, as well as oil producers cutting production involuntarily due to unfavourable oil prices, there are indications that supply of oil will be greatly reduced in the coming months.

Norway has said it will cut oil output for the first time since 2002. ConocoPhillips an American multinational energy corporation said it will cut production by 420,000 barrels per day from June 2020

  • Read also; 30.2 Million Americans have lost their Jobs as the Economic Fallout from Coronavirus intensifies
  • Reasons Behind U.S Negative Oil Price as It Recovers Above $1

Oil benchmark, brent crude is 10% up trading at $26.67 per barrel. Western Texas Intermediate (WTI) advanced by 16.3% trading at $17.52, Western Canadian Select (WCS) is up by 38.2% trading at $9.00, Bonny Light is up by 11.2% up trading at $16.51 while OPEC basket is 15.7% up trading at $14.36 as at 14:44 GMT on Thursday.

According to the head of trading house Mercuria Energy Group Ltd, U.S. output will fall by 2 million barrels a day in May compared with March and the price of crude has probably bottomed out.

Read more; Coronavirus Update – Chinese Vaccine Developers Lack Qualified Patients, as Nigeria Confirms 196 new cases.

In addition to the production cuts, several countries like Germany, Italy, Nigeria, and Spain are announcing plans to ease the lockdown imposed in an effort to contain the spread of the novel Coronavirus. In China, traffic is returning to the streets as the lockdown in Wuhan and other parts of the country is lifted, supporting a boost in fuel demand and refining rates.

In the U.S many states including Colorado, Georgia, South Carolina, and Tennessee are already allowing movements as well reopening of some businesses. An ease in lockdown will come with a return of some economic activities which will spur demand for refined, and invariably for crude oil.

Written by

Ifunanya Ikueze

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