Brent crude drops below $50 per barrel

February 28, 2020
159 Views

Global oil benchmark, Brent Crude, finally slipped below the $50 per barrel mark on Friday after declining by as much as 3.85%. It is currently trading at $49.74 per barrel according to Oilprice.com.

This comes as the Coronavirus pandemic continues to spread throughout the world whilst grounding some economies (like China) to a halt. Nigeria confirmed its first case today, making this the third reported case in Africa besides the one already reported in Egypt and Algeria.

The decline in Brent Crude has also intensified speculation that the Organisation of Petroleum Exporting Countries (OPEC) and its allies may now have no choice but to quickly reach a decision on a new output cut that will support oil prices.

According to Bloomberg, OPEC had already noted its commitment to reach a new output cut due to the negative impacts the Coronavirus has had on oil prices. Saudi Arabia has reportedly been pushing deeper cuts in the last few weeks, although Russia (an OPEC+ member) has been more cautious on the matter.

In the meantime, the international oil market is shrouded in uncertainty. The Chairman of Facts Global Energy (FGE), Fereidun Fesharaki, recently said:

“I have never known so much uncertainty in the oil market — and especially so many large uncertainties.”

You may be interested

NPFL: Finidi Satisfied With Rivers United’s Draw Vs Remo Stars
Sports
1 views
Sports
1 views

NPFL: Finidi Satisfied With Rivers United’s Draw Vs Remo Stars

Webby - November 18, 2024

Rivers United head coach, Finidi George has expressed satisfaction with his team’s performance in Sunday’s Nigeria Premier Football League (NPFL)…

Van Nistelrooy Applies For Vacant Coventry Coaching Job
News
News

Van Nistelrooy Applies For Vacant Coventry Coaching Job

Webby - November 16, 2024

According to talkSPORT, (Yahoo! Sport) Van Nistelrooy has already applied for the vacant manager role at Championship side Coventry City.This…

Done Deal: Falconets Forward Joins American Club Carolina Ascent
Sports
1 views
Sports
1 views

Done Deal: Falconets Forward Joins American Club Carolina Ascent

Webby - November 16, 2024

Former Falconets forward Opeyemi Ajakaye has joined USL Super League club, Carolina Ascent FC on loan.Ajakaye linked up with Carolina…

Leave a Comment

Your email address will not be published.