TUE, AUGUST 01 2023-theGBJournal |Last week, the price of Brent closed on a positive note, advancing by 4.84% to settle at US$84.99/bbl.
And it stayed steady Monday, trading near a three-month high as global supply tightens and demand in United States remained strong.
Brent Crude futures for October traded at $85.30/b down 0.15% Monday. The U.S West Texas Intermediate Crude was $81.69 a barrel, down 0.1% which was its highest since April 14.
Meanwhile, Brent is down 1.07% year-to-date and is trading at an average of US$79.96/bbl year-to-date, 19.30% lower than the average of US$99.09/bbl in 2022.
For most of last week, investors remained optimistic that strong demand, combined with supply reductions, would support prices.
An emerging consensus that central banks, including the US Federal Reserve and the European Central Bank, are reaching the end of their policy-tightening campaigns spurred risk appetite in broader financial markets, improving the outlook for global growth and energy consumption.
Analysts at Coronation Research maintain their view that for most of the year, prices are likely to remain above the US$75.00/bbl mark set in Nigeria’s government budget.
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