“You’re going to see more OPEC compliance,” Phil Flynn, senior oil analyst at Price Futures Group in Chicago told Reuters. “I think we’d be a lot higher if it weren’t for these coronavirus fears.”
What you should know about Bonny light?
Bonny Light crude is a high-grade level of Nigerian crude oil with specific gravity, produced in the Niger-Delta area of Nigeria and named after region city where it’s found.
Bonny light is low sulfur content and much lighter than other crude oil grades making it very attractive to oil buyers because they are termed to have the highest quality.
OPEC Basket Outlook
Crude oil has doubled in value since a 21-year low in April, boosted by record OPEC+ supply cuts of 9.7 million barrels per day, about 10% of world demand for oil.
Crude oil continued to rally as an unusual catalyst from OPEC and its major allies complied with the production cut agreement, though some oil traders and experts warned that the bullish momentum might run out of steam.