{"id":36452,"date":"2021-02-04T12:58:14","date_gmt":"2021-02-04T12:58:14","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=36452"},"modified":"2021-02-04T12:42:29","modified_gmt":"2021-02-04T12:42:29","slug":"oil-price-nears-59-on-back-of-u-s-stock-drawdown","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown","title":{"rendered":"Oil price nears $59 on back of U.S stock drawdown"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>The international oil benchmark, Brent crude, rose further on Thursday, trading near $59 per barrel according to data from Oilprice.com.<\/p>\n

As at 11.00am Nigeria time, data showed oil trading at $58.79 per barrel a 0.41 cents increase from Wednesday trading.<\/p>\n

Since Tuesday, Oil prices have been boosted by a drawdown in the United States crude and petrol stocks that added to demand recovery hopes fueled by forecast of major producers of a deficit in the market this year, according to Reuters.<\/p>\n

It said the market was also bolstered as Democrats in the US Congress took the first steps towards advancing President Joe Biden\u2019s proposed $1.9tn coronavirus aid plan without Republican support.<\/p>\n

The API oil industry association reported that US crude oil inventories fell by 4.3 million barrels in the week to January 29.<\/p>\n

Prices were also buoyed by the latest assessment by the Organization of the Petroleum Exporting Countries (OPEC) and its allies that the oil market could be in deficit throughout this year.<\/p>\n

Nigeria\u2019 budget benchmark for oil price is $40, and the continuous rise in oil price will play a significant role in how the country\u2019s finance will fare this year.<\/p>\n

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

Africa-Press – Nigeria. The international oil benchmark, Brent crude, rose further on Thursday, trading near $59 per barrel according to data from Oilprice.com. As at 11.00am Nigeria time, data showed oil trading at $58.79 per barrel a 0.41 cents increase from Wednesday trading. Since Tuesday, Oil prices have been boosted by a drawdown in the […]<\/p>\n","protected":false},"author":84,"featured_media":36451,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,1603,2530,254,1602,369],"class_list":["post-36452","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-brent-crude","tag-crude-oil","tag-nigeria","tag-oil-prices","tag-opec"],"yoast_head":"\nOil price nears $59 on back of U.S stock drawdown - Nigeria<\/title>\n<meta name=\"description\" content=\"The international oil benchmark, Brent crude, rose further on Thursday, trading near $59 per barrel according to data fr ...\" \/>\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-price-nears-59-on-back-of-u-s-stock-drawdown\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil price nears $59 on back of U.S stock drawdown\" \/>\n<meta property=\"og:description\" content=\"The international oil benchmark, Brent crude, rose further on Thursday, trading near $59 per barrel according to data fr ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-04T12:58:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/02\/img-601beb9458bf8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"377\" \/>\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=\"1 minute\" \/>\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-price-nears-59-on-back-of-u-s-stock-drawdown#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil price nears $59 on back of U.S stock drawdown\",\"datePublished\":\"2021-02-04T12:58:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown\"},\"wordCount\":204,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/02\/img-601beb9458bf8.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Brent crude\",\"crude oil\",\"Nigeria\",\"Oil prices\",\"OPEC\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-price-nears-59-on-back-of-u-s-stock-drawdown\",\"name\":\"Oil price nears $59 on back of U.S stock drawdown - 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