April 17 (Lagos) - Crude oil prices maintained their higher levels weeks after OPEC+ announced production cuts. NYMEX crude oil was trading above $82.50 a barrel and Brent crude oil above $86 a barrel at the time of writing this article.
International Energy Agency (IEA) warned that OPEC+ production cuts would end up hurting consumers especially in Asia and slow the economic recovery.
The interest rate hikes by the US Federal Reserve is also having a negative effect on crude oil demand and prices as it makes USD stronger against other currencies and therefore makes crude oil more expensive as it is traded in USD. Some countries have recently signed agreements to move away from the US Dollar as a reserve currency for crude oil trade.
reporting for easykobo.com on Monday, April 17 2022 from Lagos, Nigeria