KUALA LUMPUR, June 2 The ringgit opened slightly higher against the US dollar today, as oil price continues to strengthen. At 9.02am, the local currency rose to 4.1250/1257 against the greenback from Tuesday’s close of 4.1265/1283. ActivTrades trader Dyogenes Rodrigues Diniz said the.
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Okechukwu Nnodim and Dayo Adenubi
Published 2 June 2021
Published 2 June 2021
The international oil price, Brent crude, rose above the $70 per barrel mark on Tuesday, with the Organization of the Petroleum Exporting Countries projecting that demand for the commodity is bound to improve.
Brent, against which Nigeria’s oil is priced, increased by $1.38 to $70.70 per barrel as of 4.32pm Nigerian time on Tuesday while the United States West Texas Intermediate traded at $67.68, gaining $1.36.
Bloomberg had earlier reported on Tuesday that futures in London rose as much as 1.4 per cent after posting a second straight monthly gain.
Reacting to developments in the oil sector at its 17th OPEC and non-OPEC Ministerial Meeting that was concluded on Tuesday, the organisation pointed out that demand for crude oil would improve.
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Read more about OPEC+ producers sticks to plan to ease supply cuts through July on Business Standard. OPEC+ decided in April to return 2.1 million bpd of supply to the market during May through July as it anticipated demand would rise despite high numbers of coronavirus cases in India