May 14, 2020

OIL PRICE WATCH  Bonny Light price rise, trades at $24.59

oil revenue, Oil firms

oil revenue

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.

READ ALSO:NNPC’s trading surplus grew by 111% to N3.95bn in February

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.