By Ediri Ejoh
The prices of crude oil at the international market recorded a marginal increase, as Nigeria’s premium grade, Bonny Light, traded at $24.59 barrel per barrel against $23.52 recorded yesterday.
Similarly, other international grades, Brent and WTI recorded marginal increases, traded at $30.13 and $24.58 against Wednesday ’s trade of $29.10 and $23.12 per barrel respectively.
Meanwhile, this development comes as worries grow over the possibility that the promised oil production cuts will not be enough to sure up prices against the plunge in demand caused by COVID-19 pandemic.
Oil traders expect demand for crude oil to fall short of supply for several weeks as a result of the economic disruption.