Oil prices plunge deeper at $65 per barrel

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The prices of oil continued its rebound on Sunday with fears that global supply of crude oil and refined products could be disrupted for weeks with the efforts to dislodge the container ship that blocked the Suez Canal over the weekend.

The price of Brent Crude as of Sunday evening stood at $64.57 per barrel as Goldman Sachs said that crude decline in recent weeks had overshot market fundamentals and demand should still increase sharply through the northern hemisphere’s summer season.

This was a return from a sharp decline earlier last week on concerns that fresh coronavirus lockdowns in Europe would hurt demand.

Brent crude gained about 4.23% during intra-day trading on Sunday after dropping about 4% on Thursday while WTI Crude rose by 4.12% during the same period after having tumbled 4.3% a day earlier.

Brent ($64.57), WTI crude ($60.97), Bonny Light ($63.00), OPEC Basket ($61.63), and Natural Gas ($2.557).

Reports say the 400 meter long giant ship has been refloated after efforts by dredgers

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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