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Oil Price Gains 0.54%, Closes At $75

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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.

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.

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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.

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