L
LequteMan
Guest
Good news for Nigeria.
Prices of crude oil on Wednesday soared to its highest level in the year on the back of a weak dollar and falling output.
Brent crude futures LCOc1 were up 88 cents at $46.62 a barrel at 1135 GMT, having hit a 2016 high of $46.81, while U.S. crude futures CLc1 rose 80 cents to $44.84 a barrel, Reuters reports.
Oil hit its highest level of 2016 on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April.
The prospect of an agreement among the world’s largest exporters to limit production, which had provided the catalyst for a 55 percent rally since mid-February, evaporated almost two weeks ago when a meeting between OPEC members and their non-OPEC counterparts ended in stalemate.
Since then, Brent has hit its highest since November and, aided by further evidence of declining output anywhere from the U.S. shale basin to the North Sea, attracted fresh investment cash.
Prices of crude oil on Wednesday soared to its highest level in the year on the back of a weak dollar and falling output.
Brent crude futures LCOc1 were up 88 cents at $46.62 a barrel at 1135 GMT, having hit a 2016 high of $46.81, while U.S. crude futures CLc1 rose 80 cents to $44.84 a barrel, Reuters reports.
Oil hit its highest level of 2016 on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April.
The prospect of an agreement among the world’s largest exporters to limit production, which had provided the catalyst for a 55 percent rally since mid-February, evaporated almost two weeks ago when a meeting between OPEC members and their non-OPEC counterparts ended in stalemate.
Since then, Brent has hit its highest since November and, aided by further evidence of declining output anywhere from the U.S. shale basin to the North Sea, attracted fresh investment cash.
