Nigeria’s crude oil grade prices in the international market
surged amid the death of Iranian President, Ebrahim Raisi.
According to market data, Brass River and Qua Iboe futures
of Nigeria’s oil recorded gains on Monday.
Brass River, a sweet medium light crude, gained 0.70 per
cent to trade at $86.60 per barrel, while the Qua Iboe, a light sweet crude
grade, also gained 0.70 per cent to trade at $86.60 per barrel.
Meanwhile, US WTI and Brent crude stood at $79.96 and $83.81
as of the report’s filing time, respectively.
Earlier, JPMorgan analysts said on Sunday that Raisi’s death
could result in volatility in the oil markets.
“From here, we expect overall market fundamentals to improve
and see similar inventory draws and price action as observed last summer, with
Brent oil moving $10 higher from current levels by September,” JPMorgan
analysts said.
DAILY POST reports that the Supreme Leader of Iran,
Ayatollah Ali Khamenei, on Monday declared Vice President Mohammad Mokhber the
country’s acting president following Raisi’s death.
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