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LequteMan
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The price of crude oil at the end of business on Wednesday hit an all year high, inching closer to $50 per barrel.
Brent crude, the global benchmark for crude oil, traded at $46.77 – less than $4 away from the $50 mark. It had traded at $46.62 earlier in the day. The west Texas Intermediate (WTI) also rose by 92 cents to trade at $44.90 per barrel.
According to the Organisation of Petroleum Exporting Countries (OPEC) secretariat, the OPEC basket price for crude oil rose by 48 cents from $39.40 to $39.88 per barrel
The rise is crude oil prices has been attributed to a cut in global oversupply, with a major part of the reduction in Africa coming from Nigeria, which has become the second largest exporter in the continent, after Angola.
The weakening of the dollar against other currency is also responsible, according to experts.
TheWeekUK
Brent crude, the global benchmark for crude oil, traded at $46.77 – less than $4 away from the $50 mark. It had traded at $46.62 earlier in the day. The west Texas Intermediate (WTI) also rose by 92 cents to trade at $44.90 per barrel.
According to the Organisation of Petroleum Exporting Countries (OPEC) secretariat, the OPEC basket price for crude oil rose by 48 cents from $39.40 to $39.88 per barrel
The rise is crude oil prices has been attributed to a cut in global oversupply, with a major part of the reduction in Africa coming from Nigeria, which has become the second largest exporter in the continent, after Angola.
The weakening of the dollar against other currency is also responsible, according to experts.
TheWeekUK
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