Commodity Spotlight: Crude Oil
Crude oil’s numbers have been in the positives and it is safe to say that more investors will be splurging on this commodity soon.
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.