Commodity Spotlight: Crude Oil

An image of crude oil being poured into one container from another.
Crude oil

Crude oil is the commodity that has got everyone talking and this is because of the good growth it has had in recent times.

Brent Crude, one of the leading benchmark prices for crude oil worldwide, recorded a 0.76% increment that is set to trade at $66.11. This is a far cry from the $65.61 that was recorded on the 23rd of April.

West Texas Intermediate (WTI) crude, another benchmark setter for oil pricing rose by 1.16% and is expected to trade at $62.14.

Derived from Oloibiri, Niger Delta, Nigeria, Bonny Light Oil also rose by 0.60% and will be traded at $64.21.

Analysts have said that although the demand for oil is on the rise, the COVID-19 crisis in India could cause it to be short-lived. Libya’s crude oil production is experiencing a drastic decline because an oil-producing company has stated that production output will have to reduced by 100,000 barrels per day.

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Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

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Business Stance

Business Stance

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

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