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Oil prices rise above $71 after attack on Saudi facility

by Kunle Awosiyan
Saudi oil facility

Oil prices jumped above $70 a barrel for the first time in fourteen months after Saudi Arabia, the world’s top oil exporter, said its energy facilities was attacked on Sunday,

Brent crude, the international benchmark, rose as much as two point nine per cent to over seventy one dollars a barrel on Monday morning in Asia while West Texas Intermediate (WTI), the US benchmark, rose by a similar margin to a high of $67.98 a barrel.

Experts say the development, for Nigeria, Africa’s largest oil producer, is both good and bad news. Good that more foreign exchange would be earned by the Federal Government to finance the budget.

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