Oil price increases following avengers attack on oil facilities

The weekend attacks on oil installations by Niger Delta Avengers (NDA) has caused a global increase in the price of oil.

Oil prices went up by more than 1.3 percent above the prices it traded as at the close of market on Friday and it now sells above $50 per barrel.

As at Friday, the international benchmark for oil was traded at about $49. It, however, went up to $50.69 on Monday.

The militant group had attacked several oil installations and facilities in the region following a two week ceasefire agreement between the militants and the federal government.

During the two weeks ceasefire, Nigeria’s crude oil production increased to 1.9 million from an all time low of 1.4 million.

The increase in production caused the global crude price to go below $50.

 

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