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Recession:Hope rises as oil hit

Recession:Hope rises as oil hit

Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year.

This comes as the expected return of the Forcados export terminal has helped to boost Nigeria’s planned crude oil exports this month to about 1.98 million barrels per day, the most since January.

Forcados, whose export has been suspended since February after militant attack on the export line, is one of Nigeria’s largest crude grades with an average output of about 200,000 bpd last year.

With the agreement a few days back in Algiers by OPEC, it means there is hope in the offing for Nigeria.

 

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