Tag
WTI CRUDE
Wednesday, 15th September 2021: The exchange rate between the naira and the US dollar closed at N412.06/$1, at...
At the parallel market, the naira depreciated against the US dollar at an exchange rate of N506/$1.
Naira remained stable against the US dollar on Wednesday to close at N411.45/$1 at the I&E window.
U.S oil, WTI futures is up 1.42%, trading at $76.24 a barrel while Brent oil futures is trading at $77.12 a barrel, up 1.23% for the day.
Brent oil started the Asian session breaking the $75 per barrel trading mark over emerging signs of a rapidly tightening market.
Oil prices started the week hitting their highest levels in more than two years on the back of economic recovery and the prospect of fuel demand growth.
U.S. oil, West Texas Intermediate (WTI) crude futures climbed 0.4%, to trade $70.35 a barrel, after reaching $70.62, the highest since October 2018.
The naira gained at the official window despite the low liquidity at the forex market with dollar supply dropping by 30.7%.
Naira depreciated on Tuesday, at the Nigerian Autonomous Foreign Exchange (NAFEX) window, as the rate closed at N411.67 to a dollar.
Major crude oil brands had their prices go up, as the oil market had some positive outcomes today.
The week seems to be starting on a gloomy note for the global oil market, as the American headline crude, WTI, crashed by almost 25%
Nigeria seems to be falling into a deeper revenue mess as the price of the country’s headline crude, Bonny light fell below the prices of Brent crude and US headline WTI crude.