OIL PRICE HITS 4-MONTH HIGH ABOVE $40

Oil price hits 4-month high above $40 Nomso Obiajuru 4 hours ago 69120 – Oil price rise to a four-month high to $43 – The new rate comes as a welcomed development to the President Muhammadu Buhari led federal government as he had submitted a budget which pegged oil benchmark at $38per barrel The crude prices rose to a four-month high on Tuesday, April 12, ahead of a meeting of oil producers in Doha on Sunday, April 17. According to a report on Reuters, Brent crude prices rose to $43.06, on Monday, April 11, the highest level since December 7. READ ALSO: Oil gains after Russia says it is open to OPEC meeting Share on Facebook Share on Twitter READ ALSO: Infographics: Naira exchange rate fluctuations as oil prices rise The new rate comes as a welcomed development to the President Muhammadu Buhari led federal government as he had submitted a budget which pegged oil benchmark at $38per barrel. Naij.com recalls that the price of OPEC basket of thirteen crudes stood at $34.71 a barrel on Thursday, April 7, compared with $33.93 the previous day, according to the OPEC secretariat calculations. The OPEC and non-OPEC producers meeting to hold in the Qatari capital, Doha is aimed at freezing current output levels.