How Oil Price Crashed To All-Year Low On Black Friday
Nothing was exempt from the pull effect of the global sales promotion, Black Friday which held on November 23.
The black gold, crude oil which mostly determines the health of the global economy saw an all-year low on Black Friday, as prices continue to crash across the world.
On Friday, Brent crude fell below the $60 per barrel benchmark to hit $58.92 for the first time in 2018.
Analysts attributed this to fears of oversupply across the global oil market.
Oil prices climbed as high as $85 a barrel only in October 2018, meaning the commodity has shed more than 30% within the past 30 days.
On Friday alone, crude prices have fallen by at least 6%, with Brent crude losing nearly $4 through the day.
So, what does this mean for Nigeria. It is a bitter-sweet news.
Low oil price means Nigeria would earn less from the commodity which it depends for more than 70% of its revenue, unless it could ramp up production significantly above 2 million barrels per day.
But the sweet side is that Nigeria which coincidently is one of the largest importers of petroleum products in the world would have to pay less for premium motor spirit which its economy depends on to stay alive.
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