Oil prices rise above $58

The new year looks promising for Nigeria and other oil producing countries as oil prices hit 18-month high yesterday, the first trading day of 2017, buoyed by hopes that a deal between the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members to cut production, which kicked in on Sunday, January 1, 2017, will drain a global supply glut. Benchmark Brent crude jumped more than 2.0 percent to a high of $58.37, up $1.55 a barrel and its highest since July 2015, while United States’ light crude oil hit rose to $55.24, up $1.52 a barrel, also its highest since July 2015

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