{"id":24376,"date":"2020-07-13T14:48:50","date_gmt":"2020-07-13T14:48:50","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=24376"},"modified":"2020-07-13T14:49:01","modified_gmt":"2020-07-13T14:49:01","slug":"oil-prices-fall-over-spike-in-coronavirus-cases-bonny-light-gains-60-cents","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=24376","title":{"rendered":"Oil prices fall over spike in coronavirus cases, Bonny Light gains 60 cents"},"content":{"rendered":"\n
\"Oil<\/figure>\n\n\n\n

Oil prices declined on Monday, extending Friday\u2019s losses as coronavirus infections touched their all-time daily high, following huge swells in infections during the weekend in the United States, and traders got swayed by possibility of an OPEC technical meeting recommending a reduction in current output cuts.<\/p>\n\n\n\n

Brent Crude<\/a> edged lower by 43 cents or 1.2% to $42.81 per barrel by 12.57 West Africa Time although prices had been staying around $42 for some weeks.<\/p>\n\n\n\n

U.S. benchmark crude, West Texas Intermediate<\/a>, slid 42 cents or 1.04% to $40.13 a barrel.<\/p>\n\n\n\n

Bonny Light<\/a>, Nigeria\u2019s premium oil grade, bucked the market downtrend at the last session on Friday to climb 60 cents or 1.41% to $43.28. Another national offering, Qua Iboe<\/a> added $1.13 or 2.69% to reach $43.10 on Monday.<\/p>\n\n\n\n

Stephen Brennock, analyst at oil broker PVM said: \u201cpricing pressures are locked in a holding pattern and will remain so until the coronavirus pandemic is brought under control. Until then, there will continue to be a lack of conviction in upside potential.\u201d<\/p>\n\n\n\n

On Sunday, the World Health Organisation announced an unprecedented daily surge in the pandemic\u2019s cases, coming to over 230,000.<\/p>\n\n\n\n

Infections in the U.S. ballooned in the weekend that just went by amidst news of an uptick in Florida\u2019s cases, which topped 15,000 in 24 hours, a record for any American state.<\/p>\n\n\n\n

Similarly, traders went into a panic as the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of the Petroleum Exporting Countries (OPEC) warms up for a talk on Tuesday and Wednesday, where lower levels for future output cuts might be proposed.<\/p>\n\n\n\n

\u201cIt has been all but a bumpy ride for oil during the last months and the OPEC+ deal on supply has been a pillar for the market. The upcoming OPEC+ meeting this week is now expected, as planned, to make this pillar a bit weaker,\u201d Louise Dickson of Rystad Energy said.<\/p>\n\n\n\n

OPEC and its Russia-led allies, collectively known by the tag: \u201cOPEC+\u201d are envisaged to slash supply cuts to 7.7 million barrels per day (bpd) following a rally in global oil demand even though there are signals that the market is still battling glut trouble.<\/p>\n\n\n\n

OPEC+ slashed production by an unprecedented 9.7 million bpd for May June and July following an oil crash in April that saw U.S. crude touch its historic low.<\/p>\n\n\n\n

Libya, however, replaced a bar on every oil exports on Sunday on the ground of renewed blockade by eastern forces two days after it exported its first crude cargo in six months, Reuters said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices declined on Monday, extending Friday\u2019s losses as coronavirus infections touched their all-time daily high, following huge swells in infections during the weekend in the United States, and traders got swayed by possibility of an OPEC technical meeting recommending a reduction in current output cuts. Brent Crude edged lower by 43 cents or 1.2% to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nOil prices fall over spike in coronavirus cases, Bonny Light gains 60 cents » WatchDog Plus Media<\/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:\/\/watchdogplusmedia.com\/?p=24376\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=24376#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Oil prices fall over spike in coronavirus cases, Bonny Light gains 60 cents\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices fall over spike in coronavirus cases, Bonny Light gains 60 cents » WatchDog Plus Media","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:\/\/watchdogplusmedia.com\/?p=24376","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=24376#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Oil prices fall over spike in coronavirus cases, Bonny Light gains 60 cents"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":7,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Oil prices declined on Monday, extending Friday\u2019s losses as coronavirus infections touched their all-time daily high, following huge swells in infections during the weekend in the United States, and traders got swayed by possibility of an OPEC technical meeting recommending a reduction in current output cuts. Brent Crude edged lower by 43 cents or 1.2% to…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/24376"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24376"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/24376\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}