Oil prices rose one per cent yesterday with benchmark Brent prices hitting a three-month high on hopes for a coordinated approach by major producers to support prices.

Brent crude futures were trading at $41.43 a barrel at their highest since Dec. 9, up 59 cents on the day.

On Monday, the contract had climbed by 5.5 per cent in intra-day trading and it has now gained more than 50 per cent since this year low on Jan. 20.

U.S. West Texas Intermediate (WTI) futures were up 38 cents at $38.28 a barrel.

“The bullish sentiment continues to push prices up or the absence of negative news,” said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt.

News of a meeting of Latin American crude producers set in Quito for Friday had boosted oil prices on Monday, and bullish sentiment swept over into yesterday’s session.

The members of the Organisation of Petroleum Exporting Countries (OPEC) and other producers in Russia are also due to meet for talks on March 20, according to the Nigerian petroleum minister, Dr. Ibe Kachukwu.

Kuwait’s oil minister said yesterday that his country’s participation in an output freeze would require all major oil producers, including Iran, to be on board.

“I’ll go full power if there’s no agreement. Every barrel I produce I’ll sell,” Anas al-Saleh told reporters in Kuwait City.

http://thenationonlineng.net/oil-price-hits-three-months-high-41-43/

Nice one! I pray the price continue to go up. To all those who accused baba of junketing to Saudi Arabia and qatar, this is the result of the 'waka waka'. Its good we already working on diversifying our economy.
During Jonathan's tenure,oil was sold as high as $140 per barrel,and no meaningful development was noticed,all we got was massive corruption and sharing of our commonwealth.Hypocrisy is when you judge PMB's Govt as economically poor and bad but praises a Jonathan's Govt who enjoyed massive oil price boom but has nothing to show for it economically

This is good news for Nigeria.

Flexherbal:
This is good news for Nigeria.

Guess who made it happen?.

This is good news. I hope this will positively aid our declining economy.

drsteroid:
Nice one! I pray the price continue to go up

So we can go back to our addiction on the product and have the militants continue to hold the nation to ransom abi?

I hope this doesn't stop Baba from looking at other viable sources of revenue as a matter of National Emergency. This product has shown just how unreliable it could be a product for economic sustenance.

Adminisher:

Guess who made it happen?.

Body language?

Na so.. We getting there

capital oil...

Adminisher:

Guess who made it happen?.

Tell me, Sir.

Wow, God please keep increasing the oil price and put the enemies of this government to shame.

This is not good news. I was hoping and praying that the oil price should be going down, let's say till it gets to were oil will be sold at $1 per barrel or make the oil kuku become free for market. Oh God please let the crude in Nigeria dry up, all of it and ASAP. AMEN. We need to get serious in this country and that thing called oil/mineral resources has completely made the black man very lazy.

#istandwithbuhari

guess baba is working, to all those wailers complaining that he is traveling around the world, you can't stay in your home and play international politics.

Please continue to rise, so that there will be no more excuse for under performance by our leaders.

Although, its rise might cause them to become complacent, and no longer diversify from oil.

PS: nobody should start singing praises here because the reasons for the rise was stated

I'm afraid our government maybe lazy again
We need to focus our economy on another things

Adminisher:

Guess who made it happen?.

Don't give some people heart attacks.

Kudos to Mr President for his foresight! It takes an intelligent leader to comprehend and accept the good advice of his advisers.
I listened to one of PMB's defence of the oil benchmark, which he made it clear that the projection was an average annual target and not just for the immediate moment. I believe his team forecast was aptly insightful.

Even though some may have misfeeling for the upward leap in the oil price, we as a nation must celebrate it for now because of the economic realities. We must leverage on this on the short term to ameliorate the present situations and also develop our mineral resources potentials on the long run.

seunny4lif:
I'm afraid our government maybe lazy again
We need to focus our economy on another things

Not this govt.We can't just wake up and diversify the economy at once.It should be a gradual process and presently Nigeria needs all the money it can get.

Are you sure ?
Cos our government look too soft for us
Austria has no fuel yet so rich
To me both PDP and APC are same
PDP members moved to APC

disloman:
Not this govt.We can't just wake up and diversify the economy at once.It should be a gradual process and presently Nigeria needs all the money it can get.

n dey will nt utilize the proceeds rationally.... na only wen e fall we go begin hear complaints

Whatever may have caused the rise is immaterial, it's extra money & we nor wan hear story!!!


The govt should sha make hay while the sun shines,Plenty work dey ground.

Kuwait’s oil minister said yesterday that his country’s participation in an output freeze would require all major oil producers, including Iran, to be on board.

The output freeze is the reason for the temporary rise in price, this is just a temporary fix, with the likes of Kuwait making threat of continued production if major oil producers like Iran is not on board with the output freeze...

Oil is an unreliable source of income has it is now, we should rejoice much over the piece of news, we can only hope the meeting on the proposed output freeze succeeds, for oil price to shoot up a bit in the market...

seunny4lif:
Are you sure ? Cos our government look too soft for us Austria has no fuel yet so rich To me both PDP and APC are same PDP members moved to APC

Politicians are the same but the party structures are different.

Adminisher:


Guess who made it happen?.

Good news or bad news, we will start having real development when we stop relying on crude oil, for crying out loud, what happened to Agriculture?

modath:

Whatever may have caused the rise is immaterial, it's extra money & we nor wan hear story!!!


The govt should sha make hay while the sun shines,Plenty work dey ground.

Plenty work as in how? Whatever made the price rise can still make it fall. Over reliance on crude may be our very anathema.

Let the price continue to grow up so that Buhari can fulfill all his campaign promises most especially the 5,000 stipends for the unemployed and the 1 naira=1 dollar equation.

joseph1832:
Plenty work as in how? Whatever made the price rise can still make it fall. Over reliance on crude may be our very anathema.

The rise in price is as a result of some oil major producer freezing their production of crude oil, hence the excess supply of crude in the market is gradually been mopped up which resulted in rise in price of recent...

The guy from Kuwait was busy making threat as regards that if other major oil producers don't get on board with the production freeze thingy...

As it is crude oil is an unreliable source of revenue, the only way out is to diversify...

Good

joseph1832:
Plenty work as in how? Whatever made the price rise can still make it fall. Over reliance on crude may be our very anathema.

Without funds the planned diversification won't happen, or you have an alternative as at today that doesn't involve crude revenue or IMF loan??

diasporaman:
Let the price continue to grow up so that Buhari can fulfill all his campaign promises most especially the 5,000 stipends for the unemployed and the 1 naira=1 dollar equation.

Hoping PMB will fulfil the above campaign Lies promises is what oyinbo's call building castle in the air...

modath:


Without funds the planned diversification won't happen, or you have an alternative as at today that doesn't involve crude revenue or IMF loan??

Oh is it today we've been hearing of diversification of the economy? How much is even needed to diversify the economy? You have any idea?