Brent Crude Hits 3-Year High to Sell for $71

By Modupe Gbadeyanka

The price of Brent crude oil hit a three-year high on Thursday, selling for $71 per barrel at the global market.

The commodity is Nigeria’s major revenue earner and the present price is good news for the Federal Government, which pegged the benchmark price in the 2018 budget around $45.

The price of the commodity at $71 yesterday was last recorded in December 2014. The price closed at $71.10.

Presently, the country produces over 2 million barrels of crude per day, boosted by peace in the oil-rich Niger Delta region of the country.

Nigeria went into recession in 2016 as a result of drop in the price of crude oil in the international market as well as decline in the volume produced.

The decline in the output of oil was as a result of several attacks on oil installations in the then-restive Niger Delta area of Nigeria.

Also yesterday, the US West Texas Intermediate (WTI) crude oil futures climbed to $66.22 per barrel in early trading, also the highest level since early December 2014.

WTI first reached its highest since December 2014 on January 16 at $64.89.