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    Guardian News: Nigeria seeks new markets for crude oil

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Summary

Nigeria has intensified search for new markets for its crude oil, sequel to the shunning of its commodity by the United States (U.S).

by: Sruthi

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Press Notes, Africa

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Guardian News: Nigeria seeks new markets for crude oil

Nigeria has intensified search for new markets for its crude oil, sequel to the shunning of its commodity by the United States (U.S).

Besides, the price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood at $54.44 a barrel yesterday, compared with $56.03 recorded in the previous Wednesday, according to OPEC Secretariat calculations yesterday. This development has drastically reduced Nigeria’s revenue from crude oil exports.

Crude oil prices are trading sharply lower in futures market yesterday amid speculations of U.S stockpiles, which fuel concern over a global supply glut.

Light sweet crude oil futures lost $0.59 or 1.09 per cent to trade at $53.53 per barrel. Brent crude oil futures also fell by 1.31 per cent to trade at $57.14 per barrel.
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