The price of oil is still nosediving. Oil started January on the back foot thanks to escalating tensions between Saudi Arabia and Iran, and traders have been jittery ever since.
The immediate catalyst for Thursday's collapse appears to be China. China weakened the value of its yuan currency by 0.51% to 6.5646 against the US dollar overnight, the biggest drop since August.
Brent is down 4.15% at $32.89 (£22.49) at 7.00 a.m. GMT (2.00 a.m. ET) and US crude is down 3.84% at $32.66 (£22.33). Both are at levels not seen since 2002 when the oil price was recovering from September 11.
See more at: Business Insider page
Considering the fact that Nigerian's 2016 budget is based on a benchmark of $38, this has shown that the budget is totally unrealistic. I fear for the future of economies that are wholly dependent on oil.
People tighten your belts as the worse is yet to be seen. My advise: we all should learn to cut cost as companies are doing - learn to save more to avoid vicious circle of poverty.

http://beta4life..com.ng/2016/01/oil-price-at-14-year-low-close-to-30.html

Word

Na serious matter o