There is virtually no one here at Naijauto.com and in Nigeria as a whole that can deny not being affected directly or indirectly with the current harsh economic condition which is mostly caused by the drop in the Nation’s oil market value.
But on Tuesday 23rd of April 2019, the world oil prices have jumped to a near 6-month high just after the US tightens its sanctions on Iran. This jump has sent shares of most energy companies higher and also boosted the currencies of most giant crude oil producing nations.
Now, Brent crude oil’s futures have risen by 0.7% to $74.57 (₦26,845) per barrel which is the highest it has gotten ever since November 2018 after Washington had said that it was going to end all sanctions waivers for all the nations that buy Iranian oil.
The United States saw its light crude oil rose by 0.8% to $66.10 (₦23,796).
In a recent statement, the Singapore-based Chief Economist/Head of Research for the Asia Pacific at ING, Robert Carnell said;
“Oil prices are not so high that it crushes manufacturing by putting energy price inputs up, but it is producing a nice boost to oil-producing nations,’’
On Monday 22nd of April 2019, the Russian ruble also hit its greatest level so far against the Euro which hasn’t happened for over a year now. It also had a one month-peak against the dollar too, and all these successes have been driven by the recent jump in oil.
Hope arrives as a recent jump in Oil value seems to be looking good for Nigeria in the oil market
We believe this might be a light of hope to us here in Nigeria that the market will favour us for the remaining part of this year and the profits on our oil can help improve the economy as the year runs out.
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