The international oil benchmark, Brent crude, rose more than two per cent on Tuesday. Brent crude, against which Nigeria’s oil is priced, was up $1.27, or 2.3 per cent, at $57.62 a barrel by 1320GMT, its third straight day gains and the highest level since late February last year.
Reuters survey found that Crude production by the Organization of the Petroleum Exporting Countries rose for a seventh month in January but the increase was smaller than expected.
Voluntary cuts of one million barrels per day by OPEC’s de facto leader, Saudi Arabia are set to be implemented from the beginning of February through March.
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The investment bank forecast Brent would reach $63 per barrel by the second half of this year and $65 by the first quarter of 2022. Goldman Sacks sad it expected the benchmark to reach $65 a barrel by July.
In another development, ExxonMobil on Tuesday posted its first annual loss as a public company as the COVID-19 pandemic hammered energy prices and it reduced the value of its shale gas properties by more than $20bn in the fourth quarter. The company reported a net annual loss of $22.44bn for 2020.
In another development, ExxonMobil on Tuesday posted its first annual loss as a public company as the COVID-19 pandemic hammered energy prices and it reduced the value of its shale gas properties by more than $20bn in the fourth quarter.
