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Market Digest Nigeria

Economy

Oil price falls below $70 after rally

oil

Crude oil prices fell on Monday evening after pushing above $70 a barrel in the early hours, as dust from Saudi Arabia attacks settled.

oil

In the early hours of Monday, news of a drone attack on petroleum storage tanks in Saudi Arabia had sent crude oil prices above $71.38 a barrel, but gave back the gains to close the day $68.63.

As at 6.30am March 9, Brent crude oil which is Nigeria’s oil is priced 68.81 rebounding by 0.57 percent from the price it closed on Monday.

Crude prices have been buoyant since the Organization of the Petroleum Exporting Countries (OPEC), Russia and producing allies, collectively known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

A calculation by Platts put the compliance rate at 99.5% from OPEC+ members.

Although, analyst are still concerned that despite the higher demand amid an improved economic climate, sentiment around the market is likely to remain a key force in price.

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