Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production
Brent crude futures for August rose 43 cents, or 1.1 per cent, at $40 a barrel, by 0252 GMT.
Both benchmarks have risen sharply in recent weeks from the lows of April, buoyed by a continuing recovery in China, the epicentre of the virus outbreak, while other economies are slowly opening up after lockdowns to contain its spread. “Even deeper cuts will speed up the process of rebalancing the market,’’ ING Economics said, noting the “market was already set to transition from surplus to deficit as we move into the second half of this year’’.
“As virus-related lockdown measures continue to be lifted, we expect that demand will gradually recover,’’ Capital Economics said in a note, estimating that global oil consumption will fall to just under 92 million bpd on average in 2020.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IFAD to support farmers, rural communities with $40 millionThe United Nations' International Fund for Agricultural Development (IFAD) says it has committed $40 million and launched an urgent appeal for additional funds to support farmers and rural communities amidst the COVID-19 pandemic.
Read more »
IFAD to support farmers, rural communities with $40 millionThe United Nations' International Fund for Agricultural Development (IFAD) says it has committed $40 million and launched an urgent appeal for additional funds to support farmers and rural communities amidst the COVID-19 pandemic.
Read more »
Nigeria Has Second-highest COVID-19 Burden in Africa, Says WHO - THISDAYLIVEBy Martins Ifijeh Nigeria now has the second highest burden of COVID-19 in Africa, the World Health Organisation (WHO) has said. Stating this on its Twitter handle, WHOAFRO, on Tuesday, the WHO Regional Office for Africa said COVID-19 cases on the continent had risen to over 150, 000, with South Africa leading the pack with …
Read more »
Nigeria becomes second country with highest COVID-19 cases in AfricaThe World Health Organisation (WHO) on Tuesday confirmed that COVID-19 cases in Africa had risen to over 150, 000. The WHO Regional Office for Africa in Brazzaville, Congo, made this known on its Twitter page. It said as at June 2, Africa had recorded more than 63,000 recoveries and 4200 deaths. \u201cThere are over 150,000
Read more »
Nigeria has second-highest COVID-19 cases in Africa – WHO
Read more »
Nigeria reopens mosques, churches but schools remain shut – Daily TrustThe federal government on Monday reopened mosques and churches two months after they were shut down in a bid to halt the spread of corona...
Read more »