Oil Prices Rise To $47

Brent crude peaked at $47.2/barrel today.

Brent has now risen nearly 20 per cent in April, its largest one-month gain for the past 12 months.

The rise is likely to continue if, oil glut continues to recede (shale oil and ISIS production shutting down) and demand continues to soar (India, China, and some other countries are consuming more now), and if the dollar continues to weaken considerably.

If Iran and Saudi can be reasonable for once, we might probably see it cross ‘$50’ anytime soon!

These things ebb and flow.

It is a double-edged sword for Nigeria as we import refined petroleum products, and it could probably breed complacency or agitation for more ‘free money’ from some quarters.