Brent crude surges past $40, analyst recommends investment in crude oil derivatives

Brent  crude surges past $40, analyst recommends investment in crude oil derivatives

By. Olumide Adesina

Brent crude gained about 1.49%, at $40.18, 3.30 am Nigerian time – the highest level since March 6, having gained 3.3% on Tuesday.

The price of Brent crude surged on Wednesday to a near three-month high amid optimism among investors and oil traders that major oil producers will extend oil production cut, as global demand picks up.

Brent crude gained about 1.49%, at $40.18, 3.30 am Nigerian time – the highest level since March 6, having gained 3.3% on Tuesday.

A meeting by OPEC+ (a group comprising OPEC, Russia and other major oil producers) is expected to be held virtually on Thursday. The oil production cuts are currently due to run through May and June.

“As virus-related lockdown measures continue to be lifted, we expect that demand will gradually recover,” Capital Economics said in a note to Reuters, estimating that global oil consumption will fall to just under 92 million BPD on average in 2020.

“This compared with 100.2 million barrels per day consumed globally last year,” Capital Economics added before the COVID-19 pandemic disrupted global demand negatively.

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