{"id":34198,"date":"2020-12-31T19:29:45","date_gmt":"2020-12-31T19:29:45","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=34198"},"modified":"2020-12-31T16:46:56","modified_gmt":"2020-12-31T16:46:56","slug":"oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03","title":{"rendered":"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered much of the world\u2019s economy, but oil prices have rallied from their lows as government rolled out stimulus.<\/p>\n

Brent, the benchmark for Nigerian crude grades, dropped 8 cents or 0.2% to $51.55 per barrel at 08:56 West Africa Time on Thursday, the last trading day of 2020. U.S. West Texas Intermediate (WTI) declined by 13 cents or 0.3% to $48.27.<\/p>\n

Bonny Light, Nigeria\u2019s banner oil grade, eased by 3 cents or 0.06% to $50.82 on Wednesday.<\/p>\n

\u201cIt is kind of year-end quiet but a weaker dollar is helping keep a floor under markets,\u201d Stephen Innes, chief global market strategist at Axi, said.<\/p>\n

Brent and WTI have risen by over 100% since touching decade-lows in April, putting past a year marking the first negative oil prices for WTI that upset investors around the world.<\/p>\n

Asian shares inched up on Thursday and were on course to end turbulent 2020 at historic highs, after lifting investors\u2019 optimism for a global economic rebound impelled the dollar drop further against most major currencies.<\/p>\n

The greenback was ending 2020 in a downward trajectory with investors betting a world economic bounce-back will suck money into riskier assets even as the United States has to borrow more to finance its expanding twin deficits.<\/p>\n

But global commodity markets are set to end the year on an upbeat note, with improving demand and large-scale stimulus packages boosting prices following a roller coaster ride caused by the coronavirus.<\/p>\n

Deployment of vaccines to fight the virus and trillions of dollars\u2019 worth of fiscal backing are anticipated to bolster investment and spending in 2021.<\/p>\n

Worries over coronavirus lockdowns are likely to limit rises in oil prices in the short term.<\/p>\n

A new coronavirus variant in the U.K. has birthed the re-introduction of curbs on movements, hitting near term oil demand and impacting oil prices, while hospitalisations and infections have soared in parts of Europe and Africa.<\/p>\n

On the supply side, U.S. energy companies this week added 3 oil and natural gas rigs to the best quarter for stimulating the rig count since the second quarter of 2017, according to Baker Hughes data.<\/p>\n

A 4th January meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, a cartel known as OPEC+, plans to improve supply by half a million barrels per day in January, a move could impact oil prices.<\/p>\n

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

Africa-Press – Nigeria. Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered much of the world\u2019s economy, but oil prices have rallied from their lows as government rolled out stimulus. Brent, the benchmark for Nigerian crude grades, dropped 8 cents or 0.2% to $51.55 per barrel […]<\/p>\n","protected":false},"author":84,"featured_media":34197,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,1601,254,1602],"class_list":["post-34198","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-africa-press-nigeria-2","tag-bonny-light","tag-nigeria","tag-oil-prices"],"yoast_head":"\nOil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03 - Nigeria<\/title>\n<meta name=\"description\" content=\"Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered m ...\" \/>\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-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03\" \/>\n<meta property=\"og:description\" content=\"Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered m ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-31T19:29:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.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-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03\",\"datePublished\":\"2020-12-31T19:29:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03\"},\"wordCount\":413,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"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-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03\",\"name\":\"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03 - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg\",\"datePublished\":\"2020-12-31T19:29:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered m ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg\",\"width\":650,\"height\":350,\"caption\":\"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03 - Nigeria","description":"Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered m ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03","og_locale":"en_US","og_type":"article","og_title":"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03","og_description":"Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered m ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03","og_site_name":"Nigeria","article_published_time":"2020-12-31T19:29:45+00:00","og_image":[{"width":650,"height":350,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03","datePublished":"2020-12-31T19:29:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03"},"wordCount":413,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg","keywords":["Africa Press","Africa Press-Nigeria","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-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03","name":"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03 - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg","datePublished":"2020-12-31T19:29:45+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Global crude oil markets have shed around one fifth of their value this year as coronavirus-induced lockdowns hammered m ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5fee0067d99fb.jpg","width":650,"height":350,"caption":"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-head-for-20-fall-in-2020-as-lockdowns-hurt-demand-bonny-light-dips-0-03#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Oil prices head for 20% fall in 2020 as lockdowns hurt demand, Bonny Light dips $0.03"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/34198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=34198"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/34198\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/34197"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=34198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=34198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=34198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}