Thursday, February 25African Business News
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Tag: Brass River

Too early to rejoice as oil price hits $35

Too early to rejoice as oil price hits $35

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Energy experts in Nigeria are uncertain of the sustainability of current increase in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11. While the other grades of Nigeria’s crude – Brass River, and Qua Iboe stood at $35.20, some experts urged the Federal Government to carefully study the trend before making decisions. Surging to two-month highs, the current increase has been linked to growing signs of a rebound in oil demand, as the easing of lockdowns from the outbreak of Coronavirus takes effect across the world. Indeed, the reopening of economy in world’s top oil importer, China has pushed its demand back to pre-coronavirus levels, a report by Bloomberg said, even as the price increase comes on the backdrop of accelera...