The prices of oil has continued to increase in the international market giving hope to the Nigerian economy.
File Photo
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $52.12 per barrel, up 16 cents.
Both of the contracts on Monday lost nearly 4 percent. Analysts
said the small gains on Tuesday came from expectations that some of the
cuts planned by the Organization of the Petroleum Exporting Countries
(OPEC) and producers such as Russia would materialise despite doubts
over full implementation.
“Coordinated output cuts will support the market rebalancing
that will draw down global stock levels, leading us to revise up our
Brent crude forecast for 2017 to $57 per barrel,” BMI Research said.
Most analysts, though, said there was still downside risk for oil
due to rising output elsewhere. Crude plunged in the previous session on
concerns that rising output in Iran and also Iraq – which has given
full supply allocations of Basra crude to three refiners in Asia and
Europe for February – were undermining efforts to curb a global fuel
supply glut that has weighed on markets for over two years.
Supplies are also increasing in North America. “The average
Canadian rig count for December 2016 was 209, up 36 from the 173 counted
in November 2016, and up 49 from the 160 counted in December 2015,” said Matt Stanley, a fuel broker at Freight Services International in Dubai.
“A 30 percent increase in Canadian rigs in a year … The bear in me is well and truly back,” he said.
In the United States, energy companies last week added rigs for a
tenth week in a row, extending the drilling recovery into an eighth
month as crude prices remained at levels at which many U.S. drillers can
operate profitably.
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