By Ediri Ejoh
GLOBAL oil prices in the International market, Wednesday, surged to a 2-month high on growing signs of a rebound in oil demand.
To this end, Nigeria’s premium grade, Bonny Light took a dive upward, traded at $30.00 barrel per barrel on Wednesday against $29.65 at the close of the market Tuesday.
Nigerian headline crude, Bonny light, surged by 13.77 percent as it hit $33.95 per barrel, getting to a 2-month high.
Similarly, the Brent crude has also hit a 2-month high, selling for $35.94 per barrel as at 08.45 pm Nigerian time. The American WTI is selling for $33.68 per barrel.
Meanwhile, the oil rally extended to the fourth day, amid signs that producers are implementing output cuts as promised, with demand picking up due to global easing of lockdowns and hope for the positive test result of a coronavirus vaccine.
At the peak of the global lockdown in April, about 3.9 billion people were affected, but now an estimated 3.7 billion people are living in…
Source: Vanguard Newspaper
