Hopes raised for Nigeria’s 2019 budget as oil price hits $60

The oil price rebound, yesterday, reached a significant point, selling at $60 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC, continue to withdraw excess oil from the international market.

Prices of Brent, West Texas Intermediate, WTI, and OPEC Basket of 14 crudes stood at $60.00, $59.91 and $56.11 per barrel respectively.

Further checks showed that the development came, mainly as a result of the ability of OPEC to mobilise its members and others not to pump excess oil into the volatile market.

A source from OPEC, who preferred not to be quoted, said the market was still covered with an air of uncertainty, meaning that many factors can still compel price to leap further or drop, even beyond expectation.

Source: Vanguard

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