OIL PRICES RECORD PROFIT DESPITE FALLING SUPPLIES

Written by on March 21, 2019

Oil prices rallied yesterday after data showed falling stockpiles of crude as refined fuels also plunged last week.

International Brent crude oil futures were up 74 cents, or 1.2 per cent, at $68.35 a barrel hitting a new high going back to Nov. 13.

U.S. West Texas Intermediate crude futures rose $1, or 1.7 per cent, to $60.03 per barrel, after its highest level since Nov. 12.

In the same vein, Nigeria’s state-run oil firm, the Nigerian National Petroleum Corporation (NNPC) assured that it will achieve the 2.3million barrel per day production (mb/d) volume-target for the 2019 budget even as measures have been put in place to attain the feat.


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