Nigeria in wonder land as brent oil hits $80 for first time since late 2014
London, May 17, 2018 (AltAfrika)-Nigeria’s economy continues to benefit from global uncertainty as benchmark oil contract Brent North Sea hit $80 a barrel Thursday for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns.
Shortly before 1000 GMT, Brent North Sea crude for delivery in July jumped to $80.18 a barrel — the highest level since November 2014.
Global oil supplies could be hit by President Donald Trump’s decision to pull the US out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said on Wednesday.
Prior to Thursday’s peak oil prices had already been rising thanks to steady demand growth and a landmark deal by oil producing countries, both inside and outside the OPEC cartel, to lower output.