Brent crude prices reclaim $40 mark in London   

Oct 5 (Lagos) - Crude oil prices rebounded today with Brent crude up 1.81% to $40.01 while US crude rose 2% to $37.90 in New York in early morning trading.

This is after crude oil prices tumbled last week on bearish outlooks from oil giant BP which called for peak demand in India to come in 2025. Shell laid off thousands of staff worldwide. In Nigeria chevron announced job cuts. 

Electric cars are fast becoming the new mode of transportation in countries like China, USA, Germany and Russia. Other countries are playing catch up to these countries in the EV revolution. The shift to electric is a risk for crude oil demand going into the next decade as populations in biggest markets look to become more eco-friendly and have a lower carbon footprint. 

reporting for on Monday, Oct 5 2020 from Lagos, Nigeria
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