Goodnews: Oil price hits 2016 high

– Oil price rise to a four-month high to $43

– The new rate comes as a welcomed development to the President Muhammadu Buhari led federal government as he had submitted a budget which pegged oil benchmark at $38per barrel

The crude prices rose to a four-month high on Tuesday, April 12, ahead of a meeting of oil producers in Doha on Sunday, April 17.

According to a report on Reuters, Brent crude prices rose to $43.06, on Monday, April 11, the highest level since December 7.

READ ALSO: Oil gains after Russia says it is open to OPEC meeting

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The new rate comes as a welcomed development to the President Muhammadu Buhari led federal government as he had submitted a budget which pegged oil benchmark at $38per barrel.

Naij.com recalls that the price of OPEC basket of thirteen crudes stood at $34.71 a barrel on Thursday, April 7, compared with $33.93 the previous day, according to the OPEC secretariat calculations.

The OPEC and non-OPEC producers meeting to hold in the Qatari capital, Doha is aimed at freezing current output levels.

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