Finance

Demand For Nigeria’s crude oil is cimbing back to pre-coronavirus levels

Oil prices continued its rise on Tuesday as investors cheered on the news that global economies were easing down on sanctions and a vaccine to fight Covid-19 and passed a crucial test.

According to several reports monitored by Nairametrics, a flurry of positive news is driving a spike in crude prices and could remain sustained till the end of the week.

According to several reports monitored by Nairametrics, a flurry of positive news is driving a spike in crude prices and could remain sustained till the end of the week.

As of Tuesday evening, WTI benchmark was up +1.7% and trading at $32.36 while Nigeria’s benchmark Brent Crude was trading down at $34.44 down just 1%. It is important to note that Brent Crude is up from $29.3 which was the price last Tuesday (one week ago).

In another news, Reuters reports Nigerian sale of its Bonny Light crude also sustained its offers on Tuesday heading back to “Pre-Coronavirus levels” a positive development for the government. “Nigerian offers continued to firm on Tuesday, towards pre-coronavirus levels, though it was unclear at what level deals were taking place” Reuters reported.

According to the report’

Nigerian Forcados was being offered around dated Brent plus $1.75 a barrel and Bonny Light and Qua Iboe around plus $2
a barrel.
Similarly, offers for Nigerian Egina have jumped to dated Brent plus $2.50 after lingering at dated Brent flat.
Results of Indian firm IOC’s latest buy tender did not immediately emerge.
Bonny Light Crude price was trading for $33.95 when we tracked on Tuesday night.

 


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