RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Commodities

Crude oil nears $120 a barrel amid Saudi Arabia confidence in demand

Rate Captain by Rate Captain
June 6, 2022
in Commodities
Reading Time: 2 mins read
A A
0
Crude oil nears $120 a barrel amid Saudi Arabia confidence in demand
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Crude oil prices rose further after Saudi Arabia expressed its confidence in demand by raising the price of its crude for Asia by more than expected.

After surging to its highest level in over three months, West Texas Intermediate traded near $120 a barrel. As China, the world’s biggest crude importer carefully emerges from viral lockdowns that have squeezed its economy, Saudi Arabia raised its official selling prices for Asian consumers in July.

AlsoRead

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

Brent Price surges to $114 as China Eases Lockdown Restrictions in Shanghai

The fuel market has also tightened significantly, just as the summer driving season begins in the United States. Retail gasoline prices have risen to a new high, while New York futures hit a new high on Monday.

Oil has risen about 60% this year, owing to resurgent demand from nations recovering from the pandemic, as well as a tightening market following Russia’s invasion of Ukraine. The battle has fuelled inflation, driving up the cost of everything from food to fuel, and prompting central banks to tighten their monetary policies.

Following repeated appeals from the US to pump more, OPEC+ agreed last week to increase output. The cartel announced that it would add 648,000 barrels per day in July and August, a 5% increase over recent months.

However, the business has recently struggled to meet its supply targets, creating worries about its ability to achieve the goal.

The price of crude oil rallied strongly in the previous sessions, coming within a few pips of our hoped-for target of $120 per barrel. However, the price began today with a clear decline to test 117.30, and now returns to resume the bullish bias, implying that the price will surpass the mentioned target and open the way to further gains to $125 a barrel

As a result, market pundits recommend a bullish trend for the foreseeable future, noting that a breach of $117 a barrel will pressure the price to accomplish a temporary bearish correction before rising again.

Previous Post

Get ready for an economic “hurricane”, JP Morgan CEO warns

Next Post

Shareholders express concern over TTB’s majority stake acquisition in Union Bank

Related News

CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

by Rate Captain
May 23, 2022
0

Oil prices increased at the start of the week as investors tightened their purse strings as fears about global growth...

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

by Rate Captain
May 19, 2022
0

Ghana has started the bulk purchase of the yellow metal-Gold, to raise the gold component of its reserves in a...

Brent Price surges to $114 as China Eases Lockdown Restrictions in Shanghai

by Rate Captain
May 17, 2022
0

The Brent Crude price surged by 0.12% today, Tuesday 17th May 2022 to trade at $114.17per barrel as of the...

Goldman gives  senior staff unlimited vacation in bid to retain talent

Goldman gives senior staff unlimited vacation in bid to retain talent

by Rate Captain
May 17, 2022
0

Goldman Sachs will allow its senior staff to take an unlimited number of vacation days, the latest move by a...

Next Post
Shareholders express concern over TTB’s majority stake acquisition in Union Bank

Shareholders express concern over TTB’s majority stake acquisition in Union Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

June 28, 2022
Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

June 27, 2022

Popular Story

  • World Bank say CBN’s policies continues to damage Nigeria’s business environment

    The World Bank Says Continued Development Finance Interventions Weakens CBN’s Control over Inflation

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Can Ease Nigeria’s Fiscal Pressure

    0 shares
    Share 0 Tweet 0
  • Interpol, Kenya Government Probe Three Nigerian Fintech Tycoons over N128 Billion from Nigeria

    0 shares
    Share 0 Tweet 0
  • Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

    0 shares
    Share 0 Tweet 0
  • The mother of all economic crisis may be on its way

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.