…The Brent price gained 0.15% to close at US$86.54 per barrel last week, bringing the year-to-date gain to 12.33%.
TUE JULY 09 2024-theGBJournal| Brent futures responded negatively on Tuesday after Hurricane Beryl hit Texas, a key U.S oil-producing hub, with Brent futures falling 0.6% to $81.79. West Texas Intermediate also slipped, by 0.7% to $81.79.
Supply disruption concerns have since eased after minimal impact on refining capacity of major refineries along the U.S Gulf Coast was observed.
This development is coming after oil prices saw a fourth week of winning streak last week.
The Brent price gained 0.15% to close at US$86.54 per barrel last week, bringing the year-to-date gain to 12.33%. The average price year-to-date settled at US$83.55 per barrel, 1.65% higher than the average price of US$82.19 per barrel during 2023.
Last week, oil prices received support from several sources, including constructive stockpile data from the Energy Information Administration (EIA) and growing concerns about the potential impact of Hurricane Beryl on Texas.
The stockpile data indicated a likelihood of stronger demand or lower supply than anticipated.
These elements together helped to bolster market sentiment. We expect Brent’s average price this year will exceed the US$77.96 per barrel assumed in Nigeria’s 2024 budget.
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