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Oil markets signalled a new high for oil prices Monday as prices climbed on the back of a drop in the number of United States rigs drilling for more production. This also follows the continuing United States economy creating jobs, which fuels industry hopes for a higher fuel demand.
The rise in oil prices has also signalled a mixed bag of joy and sadness in Nigeria. While the nation’s income will continue to receive a boost, analyst fears that Nigeria’s petrol woes are bound to spiral to higher fuel subsidy costs.
Brent sweet crude, Nigeria’s brand, climbed to 65.70 dollars per barrel, up 21 cents, or 0.3 per cent, from its previous close.
William O’Loughlin, an investment analyst at Rivkin Securities is of the opinion that “a falling rig count and the strong employment data may have helped support prices.”
TheNewsGuru.com has been following the U.S. economy which added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.
According to NAN, in oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months with drillers cutting back four rigs, to 796, Baker Hughes (GE.N) energy services firm was quoted as saying last Friday.