Oil price sustains steady rise to near $72 per barrel

For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel.

Oil price sustains steady rise to near $72 per barrel     Crude oil price closed in on the $72 mark as Brent crude hit $71.85 per barrel on demand optimism and an American Petroleum Institute (API) report of larger than expected draw in crude oil inventories of 5.36 million barrels for the week ending May 28. Analysts had predicted a draw of 2.114 million barrels for the week. Business Metrics reported that the API, in the previous week reported a draw in oil inventories of 439,000 barrels after analysts had predicted…

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