Economy
Oil Price Hits $60, Highest In More Than 12 Months
- Brent has risen by more than 17 per cent since December 31, 2020, when it closed at $51.22 per barrel.
The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the extent of the COVID-19 pandemic became clear.
The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies to restrain the supply of crude oil.
Read also: OPEC’s January Oil Production Rises
Brent, against which Nigeria’s oil is priced, increased by $0.76 to $60.10 per barrel as of 12.26 pm Nigerian time on Monday, its highest level since January 23, 2020, while the United States West Texas Intermediate rose by $0.68 to $57.53 per barrel.
OPEC and its Russia-led allies, a group called OPEC+, announced last week that there was “high compliance” among member states with agreements to limit supply to prop up prices.
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