Mercyspotlessblog

NEWS Oil price drops to $21 on lack of demand April 22, 2020 Oil prices have continued to decline despite huge production cut of 9.7 million barrels per day by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, the OPEC+, which begins on May 1, 2020. Global benchmark Brent crude in early trading yesterday fell below $20 per barrel at $19.12 per barrel but later rallied to $21.35 a barrel, which was about 17 per cent drop when compared to $25.41 per barrel on Monday. The US benchmark West Texas Intermediate had on Monday fallen below zero dollars for the first time in history. The falling prices of oil, according to analysts, underscores the stark drop in global economic activities caused by the coronavirus pandemic. Despite the plummeting price, more oil cargoes are finding their way to the market. Analysts said nearly 40 million Saudi Arabian barrels are on their way to U.S. shores, adding to the tens of millions already in storage. That deli...

NEWS Bayelsa extends lockdown April 22, 2020 BAYELSA State has extended the lockdown of its borders for another two weeks. Governor Douye Diri gave the directive on Tuesday evening in a statement by his Acting Chief Press Secretary, Mr. Daniel Alabrah, following the expiration of the earlier two-week deadline. He said the lockdown affects inter-state vehicular movement, closure of drinking bars at night as well as night clubs. Worship centres are also affected as they have been directed to close down and hold services at home. The state had on Sunday imposed a five-day dusk-to-dawn curfew, which took effect from Monday. The governor noted that Bayelsa was yet to record any case of COVID-19 infection but his administration was committed to taking preventive measures against the spread of the disease into the state. He added that the measures were equally necessary to prepare people of the state for any eventuality. “We are yet to record any positive case...