Crude Oil has raised to the highest level in eight months. Attacks against the oil industry in Nigeria and dollars turbulence is behind the price lift.
At lunchtime, the price of a futures contract for the supply of Brent crude next month lifted 60 cents to 50:29 dollars per barrel after having touched the year high of 50 : 39 dollars per barrel, the highest level since October last year.
the price of oil has almost doubled from bottennappet at $ 27 per barrel in January, which marked a turning point after one and a half year’s collapse in prices for crude oil from levels over $ 115 per barrel in the summer of 2014.
the oil cartel OPEC has been unable to agree on a new production ceiling to provide additional support to oil prices. But OPEC heavyweight Saudi Arabia’s promise to be restrictive in terms of production in the future have contributed to the price increase.
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