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Oil price rises above $70, OPEC projects demand growth

Punch Newspapers Sections Okechukwu Nnodim and Dayo Adenubi Published 2 June 2021 Published 2 June 2021 The international oil price, Brent crude, rose above the $70 per barrel mark on Tuesday, with the Organization of the Petroleum Exporting Countries projecting that demand for the commodity is bound to improve. Brent, against which Nigeria’s oil is priced, increased by $1.38 to $70.70 per barrel as of 4.32pm Nigerian time on Tuesday while the United States West Texas Intermediate traded at $67.68, gaining $1.36. Bloomberg had earlier reported on Tuesday that futures in London rose as much as 1.4 per cent after posting a second straight monthly gain. Reacting to developments in the oil sector at its 17th OPEC and non-OPEC Ministerial Meeting that was concluded on Tuesday, the organisation pointed out that demand for crude oil would improve.

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