Oil Price Rises To $55.61

By Ikenga Chronicles December 22, 2016
Oil price has continued to rise in a steady manner after it was sold at $55.61 per barrel yesterday. The benchmark Brent crude futures increased by 26 cents to $55.61 while the United States crude futures were up 32 cents at 53.62 dollars a barrel.
With Nigeria’s 2017 budget being pegged at $42 per barrel, the Federal Government is expected to earn more than anticipated.
This development came after  the U.S. dollar recorded a 14-year peak as global yield spreads moved inexorably in its favour, while a falling Yen lifted Japanese shares to a one-year top.
Also in the international market, the Nikkei added 0.3 per cent in thin trade, while Australia’s main index climbed 0.6 percent to its highest in 17 months after Wall Street racked up more records.
The dollar index, which measures it against a basket of currencies, stood at 103.100 having touched 103.65, its highest since December 2002.
The euro was a fraction firmer at 1.0413 dollars. On Wall Street, the Dow ended just 25 points shy of the magical 20,000 barrier helped by a 1.68 per cent gain in Goldman Sachs.
Stocks were said to have been on a tear since the November 8 presidential election, with the Dow up nine per cent.
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