L
LequteMan
Guest
A fresh round of trouble could be lurking in the corner for the Nigeria's president Muhammadu Buhari as the price of oil has dropped to $42 per barrel.
U.S. crude oil futures CLc1, also known as West Texas Intermediate (WTI), on Wednesday were down 20 cents at $42.42 a barrel by 1020 GMT. The front-month, September, U.S. contract expires on Thursday. North Sea Brent crude LCOc1 held steady at $48.81 a barrel, Reuters say.
Besides, Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crude also closed below $50 per barrel at the weekend to sell at $47.28 per barrel.
"I think the market has pushed too low and too fast," ABN Amro energy economist Hans van Cleef said. He added that, although he could see oil prices rebounding in the coming weeks, he thought they would remain low into next year.
Nigeria's main earning is from crude oil exports and its revenue has been affected seriously following the oil price crash in recent months.
President Buhari has appointed an oil industry veteran, Ibe Kachikwu, to head the state's oil company in a move to curb leakages and ensure proper documentation.
Also concerns have continued to mount across the globe as crude oil price shows no signs of recovery.
U.S. crude oil futures CLc1, also known as West Texas Intermediate (WTI), on Wednesday were down 20 cents at $42.42 a barrel by 1020 GMT. The front-month, September, U.S. contract expires on Thursday. North Sea Brent crude LCOc1 held steady at $48.81 a barrel, Reuters say.
Besides, Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crude also closed below $50 per barrel at the weekend to sell at $47.28 per barrel.
"I think the market has pushed too low and too fast," ABN Amro energy economist Hans van Cleef said. He added that, although he could see oil prices rebounding in the coming weeks, he thought they would remain low into next year.
Nigeria's main earning is from crude oil exports and its revenue has been affected seriously following the oil price crash in recent months.
President Buhari has appointed an oil industry veteran, Ibe Kachikwu, to head the state's oil company in a move to curb leakages and ensure proper documentation.
Also concerns have continued to mount across the globe as crude oil price shows no signs of recovery.
