TUE, 01 NOV, 2022-theGBJournal| Last week, the price of Brent extended gains for the second consecutive week, up 2.43% to settle at US$95.77/bbl. As a result, Brent is up 23.13% year-to-date and has traded at an average of US$101.69/bbl, 43.44% higher than the average of US$70.89/bbl in 2021.
Oil prices ended the week strong on the back of a very impressive Q3 22 earnings season, as nearly all the oil majors beat expectations, offsetting worries of demand destruction as Chinese cities doubled down on COVID-19 curbs.
The prospects of a price cap on Russian crude pose upside for oil prices for the rest of the year. Prices are likely to remain well above the US$73.00/bbl set in Nigeria’s government budget until at least the end of the year, and quite possibly beyond it.
Meanwhile, the price of OPEC basket of thirteen crudes stood at $94.73 a barrel on Thursday, compared with $93.32 the previous Wednesday, according to OPEC Secretariat calculations.
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