Tag: Brent crude
The oil market is searching for signs of a recovery in demand as prices are headed for their first monthly decline in six months. Market participant are keeping their eyes on a new U.S 2.2 trillion dollar package in the works and signs of growth in U.S. demand from expected data from the American Petroleum Institute on Tuesday and from the Energy Information Administration on Wednesday. Luke Ofojebe, Analyst at Vetiva joins CNBC Africa for more.
The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the oil market in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.
Yesterday the price of West Texas Intermediate Crude fell below zero for the first time in history, meaning the sellers were ultimately paying buyers to take the oil. The COVID-19 pandemic has cut global oil demand by almost a third, and now it shows in the US oil market, but what does this all mean for Africa? International Relations Expert, Emery Nzirabatinya joins CNBC Africa for more.
Oil prices have given up gains scored earlier today after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day. Brent crude slid $1 and 20 cents to trade a $36 per barrel, while U.S. West Texas Intermediate crude dropped $1 and 12 cents to $33 and 24 cents. As global markets continue to respond to impact from the coronavirus, Lukman Otunuga, Senior Research Analyst at FXTM Market joins CNBC Africa for more.
Plummeting oil prices and a continued surge in global coronavirus cases has caused markets around the world to nosedive today, with Nigeria confirming its second case of COVID-19 in the country. Traders say they expect the movement in the price of Brent crude to guide demand in the bond space. Victor Aluyi joins CNBC Africa to discuss the impact on Nigeria's fixed income and FX Markets.
Bitcoin, the biggest cryptocurrency by value, fell 10% in 24 hours.
US crude prices drop below $30 a barrel after OPEC deal failure sparks price war, oil-dependent economies left vulnerable
Nigeria’s $34.6 billion Budget for 2020 was benchmarked on an oil price of $57 per barrel. It expected crude oil sales to contribute 35 percent of government revenue. The oil prices' plunge has forced the Nigerian government to review its budget.
In early morning trade brent crude declined slightly by 0.4 per cent as investors eagerly await the meeting of Organization of the Petroleum Exporting Countries (OPEC) next week. The meeting may result in the extension of an output agreement which cuts output by 1.2 million barrels per day.
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