Crude oil price reaches highest in 7 years at $85/barrel

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Crude oil price reaches highest in 7 years at $85/barrel

The price of Brent crude has climbed to $85 per barrel in the international market, the highest that it has traded in the past 7 years.

The Spectator Index reports that the  oil price rise comes amidst governments’ easing of COVID-19 restrictions and as global vaccination campaigns pick up pace.

It noted that oil cartel, OPEC, has also been effecting production cuts as a price control mechanism.

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Oil traded for record lows at the height of the COVID-19 pandemic in April of 2020, with oil-based economies wailing at difficulties in funding their national budgets.

Nigeria’s economy for instance has been much hit by the downturn in global crude oil prices which started shortly before the beginning of the present administration.

The federal government has over the years resorted to borrowing trillions of U.S dollars to meet its needs.

With the latest development, if the oil price remains so high or further goes up, things may begin to look positively different for oil-dependent economies.

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