₦airaland Forum

Like reports have been insinuating for weeks now, "oil prices want to rise."
And finally it has!
For the first time since oil prices took a nosedive in November 2014, the price of oil has finally gone above $60 per barrel.
It seems there's hope afterall for Nigeria, especially as it has been commended for how it managed the economy in spite the fall in revenue.
Read more: http://www.cnnmoney.mobi//article?url=http%3A%2F%2Fmoney.cnn.com%2Fmobile%2Fjson%2F2015%2F05%2F05%2Finvesting%2Foil-above-60-dollars-a-barrel.json
cc: lalasticlala, Ishilove

abubaka101:
Like reports have been insinuating for weeks now, "oil prices want to rise."
And finally it has!
For the first time since oil prices took a nosedive in November 2014, the price of oil has finally gone above $60 per barrel.
It seems there's hope afterall for Nigeria, especially as it has been commended for how it managed the economy in spite the fall in revenue.
Read more: http://www.cnnmoney.mobi//article?url=http%3A%2F%2Fmoney.cnn.com%2Fmobile%2Fjson%2F2015%2F05%2F05%2Finvesting%2Foil-above-60-dollars-a-barrel.json
cc: lalasticlala, Ishilove

I don't think this is the beginning of a new bull market for oil. We are just defining the new range, which is much lower than the old range. Frackers will open up the floodgates again should prices rise, the Saudis aren't going anywhere, and it is likely that Iran will be back in the market in a much bigger way after the nuke deal is signed (unfortunately for everyone imo). Prices got too low too quickly, and they have bounced just as quickly...but from here, material increases in price will be met with increasing supply and less demand. In London where I live, the petrol market is totally out of control now..with prices of £1.18 per litre (unleaded) common in the most areas. Combination of the unknown cap/trade tax, lack of refining capacity in Scotland, and occasional labor strife. But overall, we should be in a new range for a while I imagine.
This will only get worse(even more so for Nigeria), and there is no way the country can stay afloat without borrowing from China.

^^^ The new price range as you've rightly called it, I believe, is as a result of growth from Europe and Asia. The price of oil couldn't have gone up on its own. There had to have been some increase in demand somewhere. And that demand is coming from better demand from Asia, and growth rates of about 1.5% in Europe as the article source stated.
But I don't think will get much worse for Nigeria. Especially with a successful election and the whole prospects of "change", I believe Nigeria will get along just fine.