A barrel (159 litres) of North Sea Brent cost $76.18 on Monday morning, about the same as on Friday.
Browsing: Oil price
But the recovery was stunted by fears of a slow recovery in demand due to new pandemic lockdowns in Europe and a build in US crude stocks.
The Senate on Tuesday has said a cut to the N10.594 trillion budget for 2020 passed by the National Assembly on December 5, 2019 is “inevitable” in view of the crash in crude oil price internationally.
Zainab Ahmed, the Minister of Finance, Budget and National Planning, says the Federal Government would prioritise its expenditures to favour major capital expenditures with greater impact in the 2020 budget.
Mary Uduk, the Acting Director-General of the Securities and Exchange Commission, says the global decline in oil prices and outbreak of coronavirus will affect the country’s capital market.
Oil price hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an Organisation of Petroleum Exporting Countries-led supply cut, and as the market became less worried that demand may reduce.
US West Texas Intermediate crude was $72.17 a barrel on Wednesday, while Brent crude was $81.77 a barrel.
Oil dropped to around $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the U.S. reimposes sanctions, easing a strain on supplies.
It stated that the President would be accompanied by a high-powered Federal Government delegation, including Dr. Ibe Kachikwu, the Minister of State (Petroleum) and Group Managing Director of the Nigerian National Petroleum Corporation
“As Chinese equity markets started to recover today, the oil prices rallied much altogether,” said Kang Yoo-jin, commodities analyst at NH Investment and Securities based in Seoul
Announcing the constitution of the committee at plenary, Speaker of the House, Aminu Tambuwal, said: “During the closed-door session, we took time to discuss the 2015 budget, MTEF and all the parameters that are related to the budget
Prices were also supported after the Secretary-General of the Organization of the Petroleum Exporting Countries, Abdullah al-Badri, said oil prices may have bottomed out