Oil heads for first annual gain in 3 years
Oil is heading for its first annual price gain in three years as the market gears up for the full implementation of out put cuts agreed by cartel OPEC and other oil producers due to begin on Sunday.
Brent the most internationally traded crude is trading at $57.16 a barrel Friday with the US grade crude selling at over $54 a barrel.
The price jump on the back of OPEC’s production deal is now encouraging traders to speculate on a $65 per barrel average price for 2019.
Some economists are now saying if the price of oil holds at an average of $55 a barrel next year and production hovers around 2 million barrels daily, the Nigeria economy could receive a much needed jolt, boosting government revenues as well FX liquidity.
BusinessDay is publishing the forecasts of leading economists who have used well grounded economic models to predict the points of impact of an higher oil price on Nigeria in 2017.
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