US, Iran Hostilities: Global Crude Oil Prices Trend Upwards

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Monday, January 06, 2019 / 5:30 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WUSF

 

The United States' decision to attack Baghdad Airport and kill Iranian Commander of Overseas Military operations General Qassem Soleimani has continued to generate global reaction and debate.

 

American allies like the United Kingdom and the European Union have called for caution and restraint from both parties.

 

Since the incident last week, there have been two separate airstrikes on the US base in Kenya and operations in Iraq.

 

Global markets have reacted to the development, especially international crude oil prices.

 

At the moment current crude oil prices are represented in Table 1 below;

 

Table 1 Selected Crude Oil Prices for Tuesday 07 (5.20pm Nigerian Time), Monday 6, January 2020 and Friday 3rd January, 2020 

Crude Oil Price Category

07-Jan-20

06-Jan-20

03-Jan-20

% Chg

% Chg

Brent

68.24

68.91

68.6

-0.97%

0.45%

OPECBasket

70.89

70.89

70.89

0.00%

0.00%

Bonny Light

67.42

67.42

67.42

0.00%

0.00%

Source: Oilprice.com, Bloomberg


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Crude Oil Price Above Nigeria's 2020 Budget Benchmark

The current crude oil price regime of the OPEC Basket ($67.15) and Bonny Light ($67.42) are above the 2020 crude oil benchmark of the Federal Government of Nigeria, which is $60 per barrel.


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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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