{"id":33052,"date":"2020-12-02T18:53:56","date_gmt":"2020-12-02T18:53:56","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=33052"},"modified":"2020-12-02T18:53:56","modified_gmt":"2020-12-02T18:53:56","slug":"oil-prices-dip-but-uks-vaccine-approval-moderates-losses-bonny-light-sheds-0-06","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-dip-but-uks-vaccine-approval-moderates-losses-bonny-light-sheds-0-06","title":{"rendered":"Oil prices dip, but UK\u2019s vaccine approval moderates losses; Bonny Light sheds $0.06"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>Oil prices edged lower in early trading on Tuesday but later scaled some of the losses after reports that the United Kingdom had emerged the first nation to endorse a COVID-19 vaccine for use, with roll-out planned for next week.<\/p>\n

Before the news broke, oil prices had been impacted by a larger-than-expected surge in crude stockpiles in the U.S. and as the Organisation of the Petroleum Exporting Countries (OPEC) and its allies threw markets into uncertainty after postponing a meeting to deliberate the possibility of expanding supply in January to Thursday.<\/p>\n

Brent crude oil futures slid by 8 cents or 0.2% at $47.34 per barrel by 08:43 West Africa Time, just as West Texas Intermediate crude was weaker by 14 cents or 0.1% at $44.41 a barrel.<\/p>\n

Oil price for Bonny Light, Nigeria\u2019s premium oil grade, dropped 3 cents or 0.06% to $47.47. Qua Iboe, another key national oil grade, was down by 37 cents or 0.79% at $46.51 in early trade on Wednesday.<\/p>\n

United States oil stocks grew by 4.1 million barrels last week, statistics from the American Petroleum Institute showed, contrary to a forecast of 2.4 million by analysts in a Reuters poll.<\/p>\n

The figures came in the wake of the postponement of deliberations on the 2021 oil output policy by OPEC and its Russia-led allies (a cartel known as OPEC+).<\/p>\n

OPEC+ introduced a reduction in output by 7.7 million barrels per day (bpd) earlier this year as the pandemic hit fuel demand and hurt oil prices.<\/p>\n

There was an anticipation of maintaining the cuts into January through March next year in the face of upticks in coronavirus infections.<\/p>\n

Margaret Yang of DailyFX said \u201coil traders have long been anticipating a 3-6 months delay in planned production hikes by the coalition, rendering oil prices vulnerable to unwinding trades should OPEC+ fail to deliver a plan to rein output.\u201d<\/p>\n

A glut in the market could approach 1.5 million barrels per day or up to a double of that figure between January and June 2021, provided the group failed to prolong the cuts, ANZ analysts said in a note.<\/p>\n

Yet, the United Arab Emirates said much as it might back a rollover, it would find it hard to tolerate the same profound production cuts into 2021.<\/p>\n

Norway, a non-OPEC nation, which has been curbing supply since June, will have its cuts expire by year end, which might hobble oil prices further.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Oil prices edged lower in early trading on Tuesday but later scaled some of the losses after reports that the United Kingdom had emerged the first nation to endorse a COVID-19 vaccine for use, with roll-out planned for next week. 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