{"id":33828,"date":"2020-12-24T18:51:41","date_gmt":"2020-12-24T18:51:41","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=33828"},"modified":"2020-12-24T18:51:41","modified_gmt":"2020-12-24T18:51:41","slug":"oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74","title":{"rendered":"Oil prices rise as US inventory drops, Bonny Light gains $0.74"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.com\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.com\/nigeria\">Nigeria<\/a>. <\/strong><\/span>Oil prices gained further on Thursday as a fall in the United States crude stockpiles boosted demand hopes, while signs of an imminent Brexit deal buoyed investors\u2019 risk appetite.<\/p>\n<p>Brent crude futures climbed by 17 cents or 0.3% to $51.37 per barrel by 08:45 West Africa Time, while U.S. West Texas Intermediate (WTI) crude rose by 10 cents or 0.2% to $48.22.<\/p>\n<p>Both benchmarks added over 2% on Wednesday.<\/p>\n<p>Bonny Light, Nigeria\u2019s flagship crude oil grade, appreciated by 74 cents or 1.48% to $50.80. But Qua Iboe, another key national oil grade, declined by 40 cents or 0.80% to $49.40.<\/p>\n<p>\u201cLower U.S. inventories of crude and fuels as well as signs of a potential Brexit deal which led to weaker U.S. dollar were good news,\u201d Hiroyuki Kikukawa, general manager of research at Nissan Securities said.<\/p>\n<p>\u201cBut lingering worries over a new variant of the novel coronavirus capped (oil prices) gains,\u201d he added.<\/p>\n<p>U.S. crude stocks dropped by 562,000 barrels in the week to 18th December to 499.5 million barrels, the Energy Information Administration (EIA) disclosed on Wednesday, boosting oil prices.<\/p>\n<p>Gasoline inventories eased by an unexpected 1.1 million barrels to 237.8 million barrels, according to the EIA, while distillate stocks crashed by a bigger-than-anticipated 2.3 million barrels.<\/p>\n<p>Oil prices gained strength from reports that the United Kingdom and the European Union were on the brink of reaching a narrow trade deal on Thursday, swerving from a chaotic finale to the Brexit split.<\/p>\n<p>The potential deal strengthened sterling, which gained 0.2% against the dollar after closing up 0.9%. A softer dollar makes commodities denominated in dollar more affordable for holders of other currencies.<\/p>\n<p>\u201cRisk appetite among investors improved also because of a rebound in global equities, which underlined that fears over a new variant of the coronavirus have receded a little,\u201d said Satoru Yoshida, a commodity analyst with Rakuten Securities.<\/p>\n<p>Some investors remain in panic about the rebound of oil demand as Americans were warned again not to travel for Christmas as the latest surge in cases overwhelmed hospitals.<\/p>\n<p>This week, U.S. oil and gas companies added oil and natural gas rigs for a fifth consecutive week, boosting oil prices.<\/p>\n<p>Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Oil prices gained further on Thursday as a fall in the United States crude stockpiles boosted demand hopes, while signs of an imminent Brexit deal buoyed investors\u2019 risk appetite. Brent crude futures climbed by 17 cents or 0.3% to $51.37 per barrel by 08:45 West Africa Time, while U.S. West Texas Intermediate [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":33827,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,1601,254,1602],"class_list":["post-33828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-bonny-light","tag-nigeria","tag-oil-prices"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil prices rise as US inventory drops, Bonny Light gains $0.74 - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise as US inventory drops, Bonny Light gains $0.74\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Nigeria. Oil prices gained further on Thursday as a fall in the United States crude stockpiles boosted demand hopes, while signs of an imminent Brexit deal buoyed investors\u2019 risk appetite. Brent crude futures climbed by 17 cents or 0.3% to $51.37 per barrel by 08:45 West Africa Time, while U.S. West Texas Intermediate [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-24T18:51:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe4c29f9e5c6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices rise as US inventory drops, Bonny Light gains $0.74\",\"datePublished\":\"2020-12-24T18:51:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74\"},\"wordCount\":358,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fe4c29f9e5c6.jpg\",\"keywords\":[\"Africa Press\",\"Bonny Light\",\"Nigeria\",\"Oil prices\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-as-us-inventory-drops-bonny-light-gains-0-74\",\"name\":\"Oil prices rise as US inventory drops, Bonny Light gains $0.74 - 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