My people, make una gather here because oil price don dey waka up like say e don chop better jollof!
As e be now, Brent futures don rise for five straight days, dey hover around $66.32 per barrel. You fit talk say na fear of wahala wey fit come from Iran and America wey dey push am up. Last wey we see, U.S. don dey plan wetin dem go do with Iran, and Iran don talk say dem go strike back if na fight dem want. E be like say we fit need to put eye for ground because na where dem dey throw blow we go see who go fall.
Jorge Montepeque wey na managing director for Onyx Capital Group talk say we don enter one kind period wey instability dey everywhere. E carry mind go as protests dey happen for Iran, wey fit change wetin dey happen for regime. Dem say people for Iran dey vex, and if wahala burst, oil supply go dey affected. E sure as e dey look so, as Citi analysts don increase dem projection for Brent to $70 a barrel in the next three months.
But hold on, ere wey dey sweet oil demand get small wahala too. Although protests dey happen, dem no don reach oil-producing areas for Iran, so oil supply still dey carry on like say nothing happen. Oil price dey waka up, but e get some ‘brakes’ on top because American Petroleum Institute report show say crude and product stock dem don still dey increase.
For the U.S., crude stock don rise 5.23 million barrels last week. Gasoline count don climb 8.23 million barrels too. E no go wey the U.S. Energy Information Administration go drop their own report later on today, but one polling wey Reuters do show say crude stockpiles suppose fall while gasoline and distillate inventories fit increase.
Venezuela dey try play smart too, as dem don start oil production cuts due to the U.S. embargo, but e be like say dem don start to dey resume crude exports. Dem don load supertankers wey get about 1.8 million barrels of oil each, dey move things small small with the 50-million-barrel supply deal wey dem get from Washington. Na wah o, wahala dey, but business must continue!
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