Business & Finance

Crude Oil Price Hits 4-Month High

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Brent crude prices rose to a four-month high on Monday as a rally in wider commodities markets encouraged buying ahead of a meeting of oil producers in Doha next Sunday.

The meeting is aimed at freezing current output levels.

Brent crude futures, the global benchmark, were up 92 cents at $ 42.86 a barrel, having touched a session high of $43.06, the highest level since December 7.

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As the OPEC meeting draws nearer, this is a good notice for the President Buhari led federal government. It would be recall that the President has submitted a budget which pegged oil benchmark at $38per barrel.

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