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Saudi Crown Prince discusses with President of Nigeria the stability of oil markets

By : Marwa Mahmoud

Last Monday, the Saudi crown prince, Muhammad bin Salman phoned Nigerian President Muhammad Bukhari.

The call witnessed a review of the work progress of the OPEC Plus agreement, and aspects of cooperation to enhance the stability of oil markets, according to the Saudi Press Agency (SPA).

Bilateral relations between the two countries and opportunities for their development were also discussed.

Oil prices achieved some increases after the declines in trading yesterday morning, with high incidence of Corona virus infection in the United States and other places, prompting some countries to resume partial closures that may harm the demand for fuel.

Brent crude rose 1.25% to 41.4 dollars a barrel, while US crude fell 1.33%, to record 38.98 dollars.

Brent is heading to achieve a monthly increase, which will be the third in a row in June, after global producers extended an unprecedented supply reduction of 9.7 million barrels per day until the end of July, while demand for oil improved after countries around the world eased comprehensive shutdown measures.

But the global cases of infection with the Corona virus exceeded ten million yesterday, Sunday, as India and Brazil suffered an outbreak exceeding ten thousand cases daily.

 New infections have emerged in countries such as China, New Zealand and Australia, prompting governments to re-impose restrictions.