Oil rallies at The Start of The Trading Week

Crude oil price increase abstract illustration with uptrend green arrow, oil barrel graph, currency symbol and refinery factory in gold color oil wording

Oil rallied at the start of the week’s trading today amidst signs that the crude market is tightening under the weight of a global energy crunch.

Brent, the international benchmark crude that mirrors Bonny Light, traded above $79.52 a barrel in early trading but Nigeria is struggling to meet up with its OPEC supply quarter because of years of a slowdown in investment.

West Texas Intermediate topped $75 a barrel after a run of five weekly gains, while Brent hit the highest level since October 2018.

Nigeria is currently facing a revenue crunch and a debilitating foreign exchange shortage but failure to produce more oil means that the Naira remains under severe pressure despite the surge in International oil prices.

CC: BUSINESS DAY

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