• About Us
  • AKIP
  • Live TV
  • Our Programs
  • Latest News
    • Church News
    • Politics
    • Foreign News
    • Security
  • Airtime
  • From GM’s Desk
  • Church of Nigeria
  • Contact
Facebook Twitter Instagram
  • AKIP
  • From GM’s Desk
  • Live TV
Facebook Twitter Instagram
Advent Cable Network Nigeria Advent Cable Network Nigeria
  • Home
  • About Us
  • AKIP
  • Latest News
    • Church News
    • Politics
    • Security
    • Foreign News
    • Sport
  • Live TV
  • Our Programs
  • Airtime
  • Church of Nigeria
  • Contact
Donate
Advent Cable Network Nigeria Advent Cable Network Nigeria
Home»Business»Oil Prices Increase On Hopes Of Coronavirus Vaccines, Bonny Light Sheds $1.08
Business

Oil Prices Increase On Hopes Of Coronavirus Vaccines, Bonny Light Sheds $1.08

ACNN TVBy ACNN TVDecember 14, 2020No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp
Share
Facebook Twitter LinkedIn Pinterest Email WhatsApp

Oil prices climbed on Monday, lifting Brent (the benchmark for Nigeria’s crude oil grades) above $50 per barrel amid optimism that a dispensation of coronavirus vaccines will boost global fuel demand while a tanker blast in Saudi Arabia caused some panic in the market.

Brent crude futures for February advanced by 67 cents or 1.3% to $50.64 a barrel by 08:30 West Africa Time just as U.S. West Texas Intermediate (WTI) crude futures for January rose 62 cents or 1.3% to $47.19.

Bonny Light, Nigeria’s premium oil grade, declined by $1.08 or 2.13% to $49.62 at the previous session. Qua Iboe, another major national grade, was up by $1.36 or 2.78% at $50.34 per barrel that same day.

Oil prices also climbed up amidst supply fear following reports that an oil tanker was hit by an external source in the process of offloading at Jeddah port in Saudi Arabia.

Virendra Chauhan, analyst at Energy Aspects, told Reuters “The market is assessing supply disruption from these incidents versus Iranian (supply) volumes coming back. So it’s unsurprising that oil prices are choppy.”

 

Brent and WTI have rebounded for six weeks in a row, their longest gaining streak since June.

The U.S. began its inoculation campaign against the COVID-19, stimulating the optimism that coronavirus curbs might end soon and raise demand at the world’s biggest oil consuming nation, with the possibility of improving oil prices.

Big European economies continued under lockdown introduced to control the spread of the pandemic, which has crippled fuel demand. Germany for instance, the fourth biggest economy in the world and the largest in Europe, is looking to introduce more stringent lockdown beginning from Wednesday to combat the pandemic.

The joint ministerial monitoring committee of the Organisation of Petroleum Exporting Countries (OPEC) and its Russia-led allies, a grouping called OPEC+, will meet on 4th January to study the market after their last resolution to restrict output increases to half a million barrels per day beginning from 2021.

Last week, oil and gas companies in the U.S. added the biggest oil and natural gas rigs in one week since January as producers continued to return to the wellpad, which could have implications for oil prices.

Two separate fire accidents happened at Qua Iboe crude oil export terminal and at an oil pipeline in Iran on Sunday but they were mostly contained.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp

Related Posts

CBN Raises Interest Rate To 13%

May 24, 2022

Regulate Loan Sharks, Apps Before Nigerians Resort To Suicide – Can To Finance Ministry, Cbn

March 24, 2022

MTN, Airtel Get CBN Approval To Start Banking Business

November 6, 2021
Add A Comment

Leave A Reply Cancel Reply

Recent Posts

Uduak Akpan Attempts escape From Court As He Was Sentenced To Death Over The Murder A’Ibom Jobseeker

August 4, 2022

Police Dismisses, De-Kits Police Inspector In Viral Video

July 30, 2022

N109.5bn fraud: Suspended Accountant-General Idris Ahmed, others get bail

July 28, 2022

Buhari writes Senate, seeks confirmation of Justice Ariwoola as CJN

July 26, 2022

Analysis Of The Unknow ‘Bishops’ or Incoming ‘Bishops’

July 22, 2022
Advent Cable Network Nigeria

ACNNTV is the Televangelism arm of the Church of Nigeria (Anglican Communion) with focus to keep the orthodox faith alive through development of inspiring and life changing broadcast products.

Facebook Twitter Instagram
Quick Links
  • About Us
  • AKIP
  • Board of Management
  • Contact
  • Privacy Policy
Quick Links
  • Our Programs
  • Program Rates
  • From GM’s Desk
  • Live TV

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2022 Anglican Cable Network Nigeria,Abuja. Designed by Dominion Web.

Type above and press Enter to search. Press Esc to cancel.