Nigeria cashes in big as Price of Bonny Light hits $74.68 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.

Nigeria to cash in big as Price of Bonny Light hits $74.68 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. The bullish market was bouyed by rising demand and efforts of the Organisation of Petroleum Exporting Countries (OPEC) to achieve market stability This indicates an excess of $34.68 per barrel on the nation’s 2021 budget benchmark of $40 per barrel and 1.86 million barrels per day, mb/d, including Condensate. Similarly, the prices of other…

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Brent price surpasses $74 per barrel to trade 32-month high

Crude oil prices drop, pressured by stronger U.S. dollar

Brent price surpasses $74 per barrel to trade 32-month high     Crude oil prices have jumped on growing demand optimism as Brent crude trades over $74 per barrel, indicating a 32-month high. The Brent Crude against which Nigeria’s oil is benchmarked gained 1.84% on Tuesday to close at $74.2, while WTI recorded a gain of 1.75% to close at $72.12. The surge in crude oil price is largely attributed to increased demand for oil after a report from American Petroleum Institute (API) showed a substantial draw in US crude…

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OPEC Outlook: Time to get real?

By Han Tan ___________________ Oil prices remain relatively stable, as investors await OPEC’s World Oil Outlook due later today. It comes at a time when demand-side concerns continue to weigh on prices, while the OPEC+ supply cuts programme is set to be pared back further in January. Such a context has lent itself to both Brent and WTI futures, in September, posting their first monthly losses since April. Brent extended those declines by falling by another 0.7 percent so far in October, struggling to break above its 100-day simple moving…

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