David Mark and Aminu Tambuwal
The price of global benchmark Brent crude oil fell about three per cent
on Monday to a six-week low of $52.50 per barrel, less than a week after
the National Assembly adopted $53 per barrel as the 2015 budget oil
price benchmark.
Oil prices dropped by more than 60 per cent between June 2014 and January 2015, but have recently shown signs of stabilising.
Brent crude, against which Nigeria’s oil
is priced, bounced back from six-year lows to around $60 per barrel in
January, while the United States’ benchmark West Texas Intermediate
fluctuated around the $50 mark.
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