Energy
Volatility in oil market continues as price plunges
Despite the deal by the Organization of Petroleum Exporting Countries, its allies (OPEC) and other top oil producers, in addition to the intervention of US President, Donald Trump, the volatility of the oil market still continues unabated.
The Brent crude crashed by more than 5% as it sold for about $28. The US West Texas Intermediate (WTI) crude slumped by 0.55% as it sold for $20 per barrel. Also the Bonny light crude had an over 7% drop to sell at $24.46 per barrel.
The International Energy Agency (IEA) on Wednesday, predicted a 29 million barrel per day oil demand slump for April. The slump is to a level that has not been witnessed for over two and a half decades and further said that no output cut will fully make up for the decline in prices in the oil market.
Some analysts have predicted more pressure with adverse effects on the oil market as long as the demand does not improve. However, with the global lockdown and restrictions at the moment, this seems like a tall order.
-
Football1 week agoUEFA threatens FIFA World Cup boycott over proposed private investment plan
-
Education4 days agoUniversity of Ibadan releases 2026/2027 post-UTME screening results
-
Business6 days agoInformation Minister, VON DG to lead ARCON’s 2026 Advertising Industry Colloquium
-
Football4 days agoUnpaid £185m Club World Cup fund sparks fresh FIFA controversy
-
Aviation6 days agoCanada issues 10 key tips to help immigration applicants avoid processing delays
-
Business7 days agoCooking gas dealers slash prices amid intensifying market competition
-
Business4 days agoBreaking: NNPCL reduces pump price of petrol as competition intensifies
-
Energy1 week agoDangote Refinery offers fresh hope for Nigeria’s industrial transformation