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Good News! Oil Price in the International Market Increases…See Current Price

The economy of Nigeria is set to receive the needed boost as the price of oil in the international market has begun to increase coupled with a recovery of the value of the Naira against the dollar.

State Minister of Petroleum, Ibe Kachikwu

Global crude oil prices finally surpassed Nigeria’s budgetary benchmark on Monday, trading above $39 per barrels.

The price of Brent crude/the global oil benchmark rose an all-year high at $39.50 on Monday, from $27.10 on January 20, the lowest for Brent in 2016, theCable reports.

Last Friday, the price of Nigerian crude rose to a new record high, selling at $35.76 per barrel, the Central Bank of Nigeria has announced.

Bonny light had traded around $35 at the start of the year and thereafter plunged into the 20s, following a global slump in crude oil prices.

Source : Link NOP


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