Feb 9 (Lagos) - Crude oil prices have climbed back above their pre-pandemic levels as WTI crude rose to $58 per barrel and Brent crude oil prices increased above the $60 mark.
Last year crude oil prices fell to their all time lows. That resulted in production cuts dictated by OPEC+ in the face of falling demand from China and India, the two major consumers of the global crude oil market.
The bounce back in crude oil prices a victory for the production cuts strategy of Saudi Arabia. However some analysts pointed to no increase in demand from China and India as indication that prices cannot stay high for long and also that some countries will not abide by the production cuts as prices rise.
The rising crude oil prices failed to excite the bulls at the Nigerian Stock Exchange today as the sentiment was dampened by some recent announcements from the Central Bank regarding crypto-currencies.
reporting for easykobo.com on Monday, Feb 9 2021 from Lagos, Nigeria