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

Oil Prices Trade at $89.60 per barrel as Goldman Sachs Predicts OPEC+ Supply Intervention

Rate Captain by Rate Captain
February 1, 2022
in Commodities, Economics, Markets, News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

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

MTN Nigeria now more valuable than all Nigerian Banks combined

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

Oil prices surged on Tuesday, February 1, 2022, maintaining its highest price range in the past seven years. Expectations continues to persist that underwhelming production and tight supply conditions are bound to remain.

According to data monitored at ratecaptain.com Brent crude increased 0.4% at $89.60 a barrel at 04:54 GMT. U.S. West Texas Intermediate crude rose 0.4%, to $88.47 a barrel.

The rise in benchmarks brent crude prices are strongly correlated to low supply capacity in the oil market instigating from geopolitical tensions in Eastern Europe and the Middle East.

According to market analysts, Chronic underinvestment in new oil supply since the 2015 crisis and the pressure on oil and gas companies to curb emissions and even “keep it in the ground” will likely lead to peak global oil production earlier than previously expected.

Hiroyuki Kikukawa, research manager at Nissan, stated that the bullish nature of the oil market is being catalyzed by expectations of supply rigidity, geographical and political tension and OPEC+ decision on output mechanism

“The market is maintaining a bullish tone on expectations that supply tightness will continue as demand is picking up, with receding fears over spreading Omicron coronavirus variant, “All eyes are on OPEC+ decision as well as development of the conflict between Russia and the West over Ukraine,”

As tensions between Russia, the world’s second-largest oil producer and Ukraine escalates ,the USA and UK threatens heavy sanctions with reports suggesting the westerns countries are also considering freezing Putin’s allies assets. The oil market has been heavily disrupted by the geopolitical aggravations arising from the largest oil producing states.

Goldman Sachs, a leading investment bank, Goldman predicts OPEC+ will raise output amid surging oil prices. They noted that the outcome of Wednesday’s meeting remains evenly balanced between a hike of 400,000 barrels a day for March and a bigger increase

Words from Goldsman report “We view growing potential for a faster ramp-up at this meeting, given. We view growing potential for a faster ramp-up at this meeting, given the pace of the recent rally and the likely pressure from importing nations,” analysts including Damien Courvalin, Callum Bruce and Jeffrey Currie wrote in a report. “The producers’ group may also be growing more concerned by the hawkish central bank shift that could lead to slower global growth and oil revenues later this year. “the pace of the recent rally and the likely pressure from importing nations,”

Meanwhile in the Nigerian Oil market, Nigerian crude products, Brass River and Qua Iboe both gained 0.84% to close at $91.2 per barrel, while Bonny Light dipped 0.98% to close at $90.48 per barrel.

Previous Post

CBN Presents New Forex Bidding to Support Companies Demanding Forex

Next Post

Gold Prices Rise as Investors Demand for Save Haven Metal

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...

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

by Rate Captain
May 19, 2022
0

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance...

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...

Next Post

Gold Prices Rise as Investors Demand for Save Haven Metal

Leave a Reply Cancel reply

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

Recommended

CBN governor respond to APC 100M president form

BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

May 24, 2022
BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022

Popular Story

  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

    0 shares
    Share 0 Tweet 0
  • Investment Bank, JP Morgan predicts Foreign Exchange Rates from 2022-2023

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    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.