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Crude oil price hits $62 over strong demand

 

By Benjamin Umuteme

Abuja

Oil prices surged to $62 per barrel-their highest levels in more than two and a half years.
Analysts say the upswing in the price is as a result of the surprise purge of top royal figures in Saudi Arabia as well as threats by Nigeria’s Niger Delta Avengers to resume hostilities in the oil rich region of the country.
The global price of crude oil has been on the rise after oil cartel, OPEC put a seal on production quota.
But analysts say bullishness of the oil market is likely to see prices hitting $70 per barrel than falling back to about $50.
Strong demand, lower inventories and the OPEC deal have all left the market might tighter than at any point in years.

About Benjamin Umuteme

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