The international oil benchmark, Brent crude, rose on Wednesday to its highest since early March after a large decline in the United States’ crude inventories and supported by a weak dollar.
Brent, which plunged to as low as $15.98 per barrel in April, its lowest since June 1999, has continued to rise in recent months on the back of the production cuts by the Organisation of Petroleum Exporting Countries and the gradual easing of lockdowns by many countries.
Brent, against which Nigeria’s crude is priced, was up $1.51, or 3.4 per cent, at $45.94 a barrel by 11:13 a.m. ET. US West Texas Intermediate rose by $1.52, or 3.7 per cent, to $43.22 a barrel.
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.
NAFDAC closes two suspected fake vegetable oil outlets in KwaraThe outlets have sold more than 2.2 million litres of what it called unverified vegetable oil to the public.
Read more »
UBA leads other banks on $1.5bn oil loan facilityThe United Bank for Africa Plc (UBA) said it is acting as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 billion Pre-Export Finance Facility for the Nige…
Read more »
Varsity partners oil firm on technology transfer|p style=
Read more »
COVID-19: Oil prices fall as infection cases cast shadow over fuel demandOil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns. This is just as major p…
Read more »