by Chi Ibe
This morning, oil prices hit a 2016 high of $50 a barrel mark, following the disruptions in the production of crude in Nigeria.
Brent, the global benchmark for crude oil, traded at $50.26 per barrel.
This is coming after repeated attacks on oil installations across Nigeria – including one on Chevron’s pipelines in Delta State early this morning.
It would be recalled that Ibe Kachikwu, the minister of state for petroleum resources, had said the renewed militant activity said is costing the nation up to 800,000 barrels per day, and reducing production to 1.4 million barrels daily.
This new oil benchmark is the highest in seven months.