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Oil Prices Surge to One-Week High on Summer Demand Hopes

Nigeria’s Crude Oil Production Increases to 1.41mbpd

Ol prices soared nearly 3% on Monday, reaching a one-week high, driven by optimism over increased fuel demand during the summer season.

 

Despite a stronger US dollar and expectations of prolonged high interest rates by the US Federal Reserve, the market remains bullish on oil demand.

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The Fed’s aggressive rate hikes in 2022 and 2023 aimed to curb inflation, but higher borrowing costs may slow economic growth and reduce oil demand.

However, the summer season’s anticipated increase in fuel consumption is outweighing these concerns, pushing oil prices higher.

The current price surge indicates a hopeful outlook for the oil market amidst lingering economic uncertainty.

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Written by Sodiq Adelakun

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