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Business & Finance

Crude Oil Price Hits $50 on OPEC deal

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Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year.

Oil prices have been on an uptrend since the Organisation of Petroleum Exporting Countries decided to cut output for the first time in eight years.

Brent, which Nigerian oil is priced, had risen to around $48 per barrel on Wednesday after OPEC agreed to reduce production, compared to $45 earlier that day.

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President Muhamamdu Buhari had in the 2016 budget pegged crude oil price at $39 per barrel.

It stood at $50.19 per barrel as of 4.53pm Nigerian time on Sunday, up from around $49.66 per barrel on Thursday.

OPEC agreed to cut production to a range of 32.5 million barrels per day to 33 million bpd from around 33.5 million bpd.

The 14-member oil cartel said the move was aimed accelerating the ongoing drawdown of the stock overhang and bringing the rebalancing forward.

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