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COVID-19 Vaccine: Oil Prices Rebound To Highest Since March
The uplifting news of aggressive COVID-19 vaccine roll out has impacted positively on oil with prices souring to their highest on Thursday since march before the pandemic altered the shape of human affairs.
Eko Hot Blog reports that the development has triggered a cocky anticipation of strengthening oil demand early next year
According to Bloomberg, the brent crude, the international benchmark, sold at $50.55 per barrel, for the first time since the first days in March, when Saudi Arabia and Russia reneged on the previous OPEC+ agreement.
The imbroglio between the two countries contributed to the massive slides in oil prices which was further aggravated by the demand crash in the lockdowns in the spring.
WTI Crude price also hit its highest level since the price crash, and traded at $47.16 per barrel, up 3.66 percent.
Also Read: Oil Prices Near $50 Amid OPEC+ New Resolution
This is good news for Nigeria as crude oil accounts for half of the government’s income and about 90 percent of Nigeria’s foreign exchange earnings.
The nation’s economy has continued to battle foreign exchange scarcity following dwindling crude oil prices in the international market caused by the COVID-19 pandemic.
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