Oil prices bounces back, leap to $30.17 after days of heavy losses

Oil prices bounces back, leap to $30.17 after days of heavy losses

- Oil prices bounced off their lowest levels in 20 years on Thursday, March 19 as global markets including Nigeria are rattled due to coronavirus

- The United States of America prices scored its largest one-day percentage climb on record

- Already, there is an oil-price war between Saudi Arabia and Russia.

Oil prices leapt to $30.17 per barrel on Thursday, March 19 bouncing back from days of heavy losses in a relief rally that may yet be short-lived due to the continued threat of coronavirus.

Brent crude rose by $2.10, or 8 per cent, at $26.98 a barrel after tumbling 13 per cent on Wednesday, March 18 in a third day of relentless selling.

While the US oil gained $3.44, or 17 per cent, to $23.81 a barrel after slumping nearly 25 per cent in the previous session.

Oil prices bounces back, leap to $30.17 after days of heavy losses

President Buhari's government have already adjusted the local pump price of petrol to conform with present realities in the global oil market
Source: Twitter

With the spread of coronavirus showing no sign of abating, countries on every continent have resorted to drastic lockdowns, steps to try to tame a virus that has now infected more than 200,000 people worldwide, killing more than 8,000, with a major global recession in prospect.

Already, the global price war between Saudi Arabia and Russia put extra pressure on the oil industry, already reeling as the coronavirus pandemic hits demand,

Airlines and cruise ships are cancelling trips while consumers stay home in massive lockdown across the world.

Nigeria is not left out as Delta state governor, Senator Ifeanyi Okowa, has asked Nigerians to brace up for the multiplier effects of coronavirus, adding that it could affect their socio-economic lives.

The governor, a trained medical doctor, made the call at a quarterly session with the media in Asaba on Thursday, March 12.

He said the virus had made the price of oil in the international market to tumble and had also caused many industries to stop production.

He warned that unless urgent steps were taken to check the effects of the viral disease, many states in the country may not be able to pay salaries of workers.

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Recently, President Muhammadu Buhari approved the reduction in the pump price of premium motor spirit from N145 per litre to about N125.

The reduction in price is due to the decline in the prices of crude oil globally.

The Buhari's government also shut down three international airports as part of its strategic measures to curb the spread of coronavirus across the country.

The airports are; Mallam Aminu Kano Airport, Kano; Akanu Ibiam Airport, Enugu; and the Port Harcourt Airport, Rivers.

The government had earlier placed restrictions on travel to worst-hit countries as the world continued to battle the global pandemic.

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