Suggestions




·

Oil Price Gains 0.54%, Closes At $75

July 27, 2021
by
Oil Price
Oil Price

Brent Crude on Monday gained 0.54% to close at $74.5 per barrel, with WTI also recorded a 0.31% increase in price and Bonny Light growing 1.27% to close at $72.8 per barrel.

However, Natural gas recorded a decline of 0.07% to close at $4.099.

Join our WhatsApp Channel

The market traded downwards in the past week as the prospect of increased supply grew in the market shrinking crude oil prices to as low as $70 per barrel.

Nigeria’s foreign reserve position grew by $23.26 million on Friday, 23rd July 2021 to close at $33.25 billion compared to $33.23 billion recorded as of Thursday, 22nd July 2021.

Nigeria’s foreign reserve is now moving towards an upward trajectory after immense pressure encountered in recent years, brought on by the effects of covid-19 on crude oil earnings, the decline in crude oil prices as well as the decline in diaspora remittances and foreign inflows amongst others.

Data obtained from the Central Bank of Nigeria depicts that Nigeria boosted of foreign reserve that is as high as $45 billion as of this time in 2019, which has depleted by about $12 billion in the space of two years.

Meanwhile, the latest boost which has been sustained for seven days will come as good news for the Nigerian government and the Central Bank as a positive trend.

+ posts

Kayode Shopekan

Related Posts

CBN Governor Mr. Godwin Emefiele
Previous Story

CBN Stops Issuance Of License To Bureau De Change Operators

Amazon scaled
Next Story

Amazon Debunks Accepting Bitcoin Payment

Featured Stories

Related Posts

Latest from News

Criminalising Refusal To Sing Anthem Not Our Priority – Lawyer

National Assembly Approves N1.5tn Budget for Army

The National Assembly has approved a budget of N1.50 trillion for the Nigerian Army for the 2026 fiscal year, pledging legislative support to ensure funds are released promptly for operational use. The Nigerian Army’s budget for 2026 has been increased by around

Senator Natasha Protests Exclusion from Key Senate Committee

Senator Natasha Akpoti-Uduaghan, representing Kogi Central, has raised concerns over what she describes as a sustained pattern of marginalisation within the Senate, following her alleged exclusion from the Senate Committee on the North Central Development Commission (NCDC). The senator’s complaint comes amid
CBN Governor Mr. Godwin Emefiele
Previous Story

CBN Stops Issuance Of License To Bureau De Change Operators

Amazon scaled
Next Story

Amazon Debunks Accepting Bitcoin Payment

Don't Miss

More Calls For Air Peace To Be Designated A Flag Carrier As Airline Increases Routes

Air Peace: Modernising Fleet, Connecting Cities

By Stanley Olisa From starting in 2014 with a
Naira Appreciates To N869/$1 As Experts Debate Stability

Naira-Dollar Exchange Rate Hits N1,040 In Parallel Market As Scarcity Grows

The exchange rate between the Nigerian Naira and the US