The Nigerian economy which heavily relies on crude oil exportation for foreign exchange and national revenue has received a boost with a further surge in price of oil in the international market.
Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
Brent futures, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level for years now.
U.S. West Texas Intermediate crude hit $56.00 per barrel in early trading, also the highest for many months now.
Crown Prince Mohammed bin Salman, Saudi Arabia’s designated future king, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors.
The arrest includes prominent business Billionaire, Alwaleed bin Talal, and the Head of the National Guard, Prince Miteb bin Abdullah.