Business
Crude price drops to $84 per barrel
An early review of oil prices on Friday, October 6 revealed that Brent crude price was at $84.21 per barrel around 6:17 AM (GMT+1).
Reuters reports that oil prices appeared poised for their most significant weekly drop since March, even as they registered an increase on Friday.
According to Reuters, this surge was accompanied by apprehensions triggered by a sell-off in the United States bond market, which raised alarms about a potential worldwide economic deceleration and the looming spectre of a substantial decrease in fuel demand.
On Friday, Brent futures were up 26 cents, or 0.3%, at $84.33 at 0358 GMT, while U.S. West Texas Intermediate crude futures were up 28 cents, or 0.3%, at $82.59, recovering slightly from a 2% decline on Thursday.
“Oil prices are stabilizing after a brutal week that saw a relentless bond market selloff trigger global growth worries,” said Edward Moya, an analyst at OANDA.
“The worst week for crude since March is starting to attract buyers given the oil market will still remain tight over the short-term,” Moya said.”
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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