Crude oil price rises to over $50 per barrel


The price of crude oil has risen to over $50 per barrel for the first time n 2016.

This is cheering news for counties dependent on revenues from crude oil exports.

Nigeria’s Brent crude now sells for $50.07, the highest price increase in 2016. The increase is  followed US data revealing a drop in crude inventories. This data shows that oil inventories had fallen due to supply disruptions following fires in Canada.