Crude oil extended gains on Monday after Iraqi forces captured a military base, oil fields and an airport outside Kirkuk in the Northern part of Iraq.

Brent crude oil rose 1.5 percent to $58.02 a barrel on Monday as at 1:45 p.m. Nigerian time. While, West Texas Intermediate gained 1.2 percent to $52.06 a barrel.

The tension between the Iraqi and the semi-autonomous Kurdistan Regional Government started following an independence referendum by the Kurdistan Regional Government on September 25. Iraqi government alongside it allies, Turkey and Iran, have denounced the referendum saying it is illegal, with Turkey threatening to shut down Kurdistan shipment through its region.

Kurdistan which sits on reserves of about 45 billion barrels and exports around 600,000 barrels per day, may face tough time if Turkish government go through with the threat. However, experts believe the tension will ease global supplies and bolster oil prices.

“The Kurdistan tension is the main argument for the price gain,” said Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo. “The fact that the market now has started to react to geopolitical risks like this is clearly a reflection of an oil market with less abundance of oil.”

Again, with the Libya still struggling to restore oil production and currently producing about 1 million barrels a day, oil prices may remain high in the short-term and boost Nigeria’s foreign revenue generation that has plunged by 55 percent in the last 12 months.

“We’re still suffering from the lack of budget,’’ said Mustafa Sanalla, chairman of the National Oil Corp. Libya has explained its challenges to OPEC, which “understands the situation very well,’’ he added.

http://investorsking.com/iraq-kurd-tensions-push-oil-prices-higher/

.I guess good news for us!!? As we still have our reliance on oil

Missed FTC Glo sucks

Thank God a new Marshal is in town!

How does it benefit the common nigerian? Buhari and his cabals will steal the proceeds and clean their mouth.

Booked

Don't start rejoicing

A hike in oil price is bad for our economy

G

Ok

If the price like make e reach $200 a barrel, these morons in power have no clue what to do with the economy.

j

Lomprico2:
How does it benefit the common nigerian? Buhari and his cabals will steal the proceeds and clean their mouth.

Well more dollars will flow into the economy, which makes it easier for investors to come in as they are sure of repatriating their money in dollars back home, since govt does not need to implement restrictions.

The bad news is that we would become so import dependent that we would lose jobs in the manufacturing sector , and as a result, when things get bad...the economy won't be in a healthy state.

So in this case, war is good for business.

IT's funny how the action of a country can cause a change in price of a commodity...

I look forward to when oil will nolonger run the economies of the world as the things has done enough harm.

F

9jakohai:


Well more dollars will flow into the economy, which makes it easier for investors to come in as they are sure of repartriating their money in dollars back home.

How will it flow when many oil n gas firms are still awaiting buhari's approval for operations. He will use his cabals oil coys to corner everything joo.

good for Nigeria

Vizboy1:
I laugh whenever I hear people say Allah is God. There are countless differences between Allah and God.
God calls His worshipers children while Allah calls his followers slaves.
God sent His son to die for mankind while Allah sent his prophets alone.
God is merciful, He gives second chances while Allah is ruthless, an eye for an eye...a tooth for a tooth.
God fights for Himself and for his worshipers as well while Allah asked his worshipers to fight and kill for him.
We Christians worship God out of love while Muslims worship Allah out of fear.

I dedicate this FTC to my hustle and every hustler out there your pocket will never run down hit like if you believe

How does this rubbish relate to the post? Don't be a fanatic.

Lomprico2:


How will it flow when many oil n gas firms are still awaiting buhari's approval for operations. He will use his cabals oil coys to corner everything joo.

Well, I was speaking in general terms about the economy, not just about oil and gas.

But even then, I am not a fan of oil price increases...because , corruption aside, oil dependency is bad for long term economic health.

Baru knows how to award fictitious contracts.

Truidstar:
If the price like make e reach $200 a barrel, these morons in power have no clue what to do with the economy.

9jakohai:


Well, I was speaking in general terms about the economy, not just about oil and gas.

But even then, I am not a fan of oil price increases...because , corruption aside, oil dependency is bad for long term economic health.

I was responding in general terms too. When only a very few companies benefit from it how does the dollar flow? When there were many coys in d business when a worker is paid, he buys stuff from markets and store, pays rent or builds a house thus the cash flow. Now only very few will get this money, how will it spread??

Any rise in oil prices is good news for Nigeria.

As of it will impact the common man on the street standard of living before being looted

Good for our economy at least

MAJOR WORLD SAGA LOADING....... IPOB,watch and learn.

good

if by chance there is an increase in the sell of crude on the international market, Nigeria who are presently producing about 2m barrel would be making above 15billion naira nigeria in a day. this can be translated as too much in circulation, inflation,unemployment, import more than exports.... Forget about oil and diversify...

eleojo23:
So in this case, war is good for business.

Not Nuclear War Sir

Exactly what the west wants. The real reasons for the wars in the first place

Very soon, our economic reliance will shift to Agriculture.

Oil is too price volatile..

Please need to get any form of employment urgently; full time, part time, contract or volunteers. Just need to do something and be leaving home. I hold HND in mining engineering, PGD education and PGD environmental planning and protection.I'm based in Abuja/Nasarawa.
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