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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.
国际油市：油价上涨，因需求前景改善 reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
大宗商品從高點滑落 但分析師仍看好前景：只是喘口氣 ltn.com.tw - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ltn.com.tw Daily Mail and Mail on Sunday newspapers.
Nigeria exceeded the April production quota set for it by the Organisation of Petroleum Exporting Countries and its allies by 84,000 barrels per day, producing 1.6 million barrels per day instead of the 1.516 million barrels per day quota. OPEC+ countries overall exceeded their quotas for the month by 25.28 million
Oil prices have fallen again as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound in demand in developed countries and China in the second half of the year.
Brent crude futures for July fell 15 cents, or 0.2 percent, to $66.61 a barrel by 02:44 GMT on Monday, while United States West Texas Intermediate for June was at $63.48 a barrel, down 10 cents, or 0.2 percent.
State-level restrictions aimed at stemming infections in India have caused fuel sales in the world’s third-largest oil consumer to drop in April, preliminary data show.