By Audrey Lotechukwu
MON, JUN 08 2020-theG&BJournal- In Nigeria, the Federal Government will be watching with kin interest crude oil rally in the market after the scare created by months of losses amid the coronavirus pandemic.
After a good end to the week last week when OPEC and allies agreed Saturday to extend current oil production cut level until the end of July, Brent prices today made another gain of 2.6% to $42.75 a barrel, looking poised for a long run of gains since February.
The extended gains followed last Friday’s gain of more than $2 per barrel to $42.30 when news first emerged ahead of the meeting that there will be a deal.
The 23 OPEC members agreed to a production cut in April of 9.7 million barrels per day beginning in May through the end of June. And the Members countries rose from their weekend meeting agreeing to stay with current oil production cut level until the end of July.
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