Price of oil rises

Price of oil rises

The fall of the price of crude oil in the international market has left a lot of economies reeling, including that of Nigeria.

Following the release of a US petroleum report, oil prices edged higher on Friday. The report showed a healthy decline in crude and gasoline reserves but a rise in oil production that could aggravate the global supply glut.

The US benchmark, West Texas Intermediate (WTI) for July, rose 66 cents to $58.34 and Brent crude for July gained 48 cents to $63.06 in late-morning trade.

Daniel Ang, investment analyst at Phillip Futures in Singapore, said in a commentary that Thursday’s US Department of Energy petroleum report “showed a mixed sentiment as the bearish production increase was offset by a bullish inventory decrease”.

“As a result of this, we were seeing the bulls and the bears fighting fiercely.”

The report showed US commercial crude inventories fell 2.8 million barrels to 479.4 million in the week through May 22, while gasoline stockpiles fell 3.3 million barrels. Read more


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