Business

May 26, 2020

OIL PRICE WATCH:  Bonny light price rises further

Crude oil price hits $65.85 per barrel after OPEC, Non-OPEC meeting

By Ediri Ejoh

Oil money

THE price of Bonny Light, Nigeria’s premium oil grade, has increased further to $34.09 from $33.25 recorded on Sunday in the international market, as coronivarus pandemic lockdown continues to ease in many consuming nations, including China and the United States.

The new price is about $9.1 per barrel higher than the $25 per barrel price benchmark in the latest 2020 budget.

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However, the Organisation of Petroleum Exporting Countries, OPEC, expect the market, which has been very volatile in recent times to witness much stability in the coming months because of its increased efforts in engaging with different nations, including China, accounting for about one third of oil demand growth.