TUE, JAN 09 2024-theGBJournal|Brent crude futures rose by 0.2% to $76.29 a barrel on Tuesday after falling 3% on Monday amid Middle East tensions, demand worries and rising OPEC supply.
Last week, the Brent price settled higher, by 2.23%, to close at US$78.76/bbl.
This brought the year-to-date change in the price of the commodity to an average of US$77.62/bbl which is 5.55% lower than the average of US$82.19/bbl in 2023.
The oil price is expected to stay erratic through this period of geopolitical unrest.
OPEC+ (OPEC plus Russia) has stated its policy to cut output by six million barrels per day, or 6% of world supply, but there is no evidence of this yet.
Analysts at Cordros Research tells theG&BJournal they anticipate that prices this year will probably stay over the US$77.96/bbl assumption in Nigeria’s government budget.
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