Oil prices wax strong amidst middle east tensions, OPEC supply cut

May 30, 2019

Prices of oil on Monday rose by one per cent despite tension in the Middle East and the supply cut by the Organisation of Petroleum Exporting Countries (OPEC)

Brent, against which Nigeria’s crude is priced, settled at $70.11 per barrel, rising $1.42, or 2.07 per cent, after having fallen by about 4.5per cent last week.

The U.S. West Texas Intermediate crude moved to $59.24 a barrel.

This is coming just about the day President Muhammadu Buhari signed the 2019 appropriation bill of N8.91 trillion into law.

The budget projects a daily production of 2.3 million barrels a day (bpd) and the crude oil price of $60 per barrel.

OPEC and its allies had announced supply cut while sanctions from the US have also helped Brent crude, the global benchmark, rise by about 29 per cent this year.

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