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    FX Restrictions: Nigerian banks resume international transactions on naira cards

    FX Restrictions: Nigerian banks resume international transactions on naira cards

    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

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    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

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    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

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Stanbic IBTC Holdings Plc announces N1.50 interim dividend for half-year 2023

    Jaiz Bank announces final dividend

    Over 5 billion additional ordinary shares of Jaiz Bank Plc listed on NGX

    Jaiz Bank Plc reports N23 billion profit for 2024 FY.

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    FCMB Group Plc addresses CBN’s forbearance loans directive, details capital management plans

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    Renaissance Capital names banks affected by CBN’s dividend payout suspension

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    NGX suspends trading in the shares of four listed companies

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    ELECTION: Cutix Plc reschedules Board Meeting

    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

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    CSCS Plc explores listing on the Nigerian Exchange (NGX)

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

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    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

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    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin crosses US$60K, approaches All-Time High

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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

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Home Markets Commodities

Oil Prices Rise as Demand Improves

Monday, 18 May 2020, 10:35 am
in Commodities, Markets
0
Reasons Behind U.S Negative Oil Price as It Recovers Above $1
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On Monday oil prices continued on the positive note with prices rising by more than $1 dollar. The demand for oil is gradually improving as several countries around the world slowly open for economic activities following the lock-down to control Covid-19 pandemic.

Fuel demand is increasing modestly due to ease on movement restrictions in the United states, Europe, Asia and Africa.

U.S oil futures, Western Texas Intermediate (WTI) rose by $1.58 and is trading at $31.01 per barrel, which represents a 5.37% increase while Brent crude is trading at $33.7 per barrel, a 3.69% increase of $1.2 per barrel as at 09:03 GMT of Monday.

Nigeria Bonny light traded at $29.84 whereas Western Canadian Select (WCS) is trading at $23.26

Oil prices have risen ahead of U.S June futures contract expiry on Tuesday, contrary to what happened in April prior to the expiry of May contracts. On April 20, oil witnessed its greatest fall in history as it traded at negative prices which saw oil traders pay buyers as much as $40.32 per barrel to take the oil off their hands due to the fear of not having storage capacity in May.

  • Read more; Reasons Behind U.S Negative Oil Price as It Recovers Above $1  

On Friday oil prices made weekly gains for 3 consecutive weeks. These appreciation in prices can be largely attributed to dampening supply glut and improving demand thus reducing concerns for unavailability of storage facilities.

Several production cuts have been made by oil producers including oil majors in the U.S. Saudi Arabia had on May 11 announced a voluntary cut in oil production by additional 1million barrel per, which will see the Kingdom’s production reduced by around 4.8 million barrels in June 2020.

The secretary general of OPEC, Mohammad Barkindo in a TV interview with Bloomberg said that the organization optimistic that the worst days for the oil crisis are over.

 Mohammad said that, “here at OPEC, we remain cautiously optimistic that the worst is behind us. The outlook for the second half of the year is beginning to look encouraging and positive that there will be a rebound”.

  • Read further; FOREX Forecast for the Week 18th May to 22nd May
  • Coronavirus Update: Madagascar Records First Death; 338 New Cases Confirmed in Nigeria.

As most activities begin to return in most states in the U.S. The  Federal Reserve Chairman Jerome Powell on Sunday night broadcast, gave a positive hopeful outlook on the recovery of economic activities going forward in 2020.

He said, “assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year,”

On Friday, Barclays Bank says that it sees the prices of Brent and WTI selling at average price of $37 and $33 per barrel in 2020 while 2021 prices will average at $53 and $50 per barrel respectively. The bank also said that it does not expect the WTI prices to go into negative territory again.

Baker Hughes on Friday reported that the number of oil and gas rigs in the US fell again this week by 34 to all-time low for a second consecutive week.

Going forward, if demand for continues to improve due ease of lock-down, and the production cuts maintained by the oil producers, there seems to be a gleam future for oil prices.

written by

Ifunanya Ikueze

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