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ProfRem
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Oil edged above $50 a barrel on Thursday as a further drop in U.S. crude inventories countered investor doubts that OPEC will be able to implement a production cut.
Crude inventories posted an unexpected drop of 553,000 barrels last week, and stocks of gasoline and distillates fell more than expected, raising hopes that a long-awaited market re-balancing is finally under way.
Brent crude LCOc1 was up 37 cents at $50.35 a barrel
WTI dropped back below US$50 a barrel, trading at US$49.30
President Muhammadu Buhari 2016 budget oil benchmark was pegged at $38 per barrel as at when the global market is suffering from fallen oil prices amidst upliftment of Iran sanction.
The Minister of Budget and National Planning, Udoma Udoma, recently said at the presentation that next year’s budget would be based on oil benchmark of $42.5 per barrel and average daily oil production output of 2.2 million barrels per day.
Recommended: Nigeria: Prices of Major Commodities in Market Today
Crude inventories posted an unexpected drop of 553,000 barrels last week, and stocks of gasoline and distillates fell more than expected, raising hopes that a long-awaited market re-balancing is finally under way.
Brent crude LCOc1 was up 37 cents at $50.35 a barrel
WTI dropped back below US$50 a barrel, trading at US$49.30
President Muhammadu Buhari 2016 budget oil benchmark was pegged at $38 per barrel as at when the global market is suffering from fallen oil prices amidst upliftment of Iran sanction.
The Minister of Budget and National Planning, Udoma Udoma, recently said at the presentation that next year’s budget would be based on oil benchmark of $42.5 per barrel and average daily oil production output of 2.2 million barrels per day.
Recommended: Nigeria: Prices of Major Commodities in Market Today
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