Nigeria to earn more as oil price rises to $55.61

There are indications that Nigeria will earn more from oil starting from January, 2017, as price of oil yesterday rose to $55.61 per barrel.

Nigeria’s 2017 budget has been predicated on $42 per barrel. United States crude futures were up 32 cents at 53.62 dollars a barrel, while benchmark Brent crude futures added 26 cents to 55.61 dollars.

This is coming on the heels of a dollar yield growth which saw the U.S. dollar record a 14-year peak as global yield spreads moved inexorably in its favour, while a falling yen lifted Japanese shares to a one-year top. The Nikkei added 0.3 per cent in thin trade, while Australia’s main index climbed 0.6 percent to its highest in 17 months after Wall Street racked up more records. The dollar index, which measures it against a basket of currencies, stood at 103.100 having touched 103.65, its highest since December 2002.

The euro was a fraction firmer at 1.0413 dollars. On Wall Street, the Dow ended just 25 points shy of the magical 20,000 barrier helped by a 1.68 per cent gain in Goldman Sachs. Stocks were said to have been on a tear since the November 8 presidential election, with the Dow up nine per cent.