Crude oil prices 08/04/2020
The price of OPEC basket of thirteen crudes stood at $22.67 a barrel on Tuesday, 7 April 2020, compared with $23.48 the previous day, according to OPEC Secretariat calculations.
WTI CRUDE $24.83 a barrel (08/04/2020)
BRENT CRUDE $32.31 a barrel (08/04/2020)
Nigerian National Petroleum Corporation has revealed that international demand for the country’s crude oil dropped by 6.8m barrels in March due to the ongoing Coronavirus pandemic.
Nigeria’s budget oil benchmark reduced from $57 per barrel to $30 per barrel, while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel. The exchange rate increased from N305 to a dollar to N360 to a dollar.
The American Petroleum Institute (API) estimated on Tuesday a huge crude oil inventory build of 11.938 million barrels for the week ending April 4. In the previous week, the API estimated a large build in crude oil inventories of 10.485 million barrels, while the EIA’s estimates were even more bearish, reporting a build of 13.8 million barrels for the week.
Could coronavirus be the beginning of the end for the oil industry? US and Canadian oil production looks set to be decimated by the catastrophic slump in oil demand
Source / More information: Newstrack compiled by Oil and Gas News
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