Sentences with phrase «oil hits a benchmark»
With the government removing fuel subsidies and oil marketers refusing to sell diesel at pump prices, the cost of doing business in Nigeria is expected to double over the next three months especially as oil hits a benchmark price of $ 38 per barrel with the International Monetary Fund (IMF) predicting a further drop to $ 20 per barrel by mid-year.
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Brent crude, the international benchmark for oil prices, rose to $ 70.37 on Monday, while U.S. West Texas Intermediate crude reached $ 64.89 on Tuesday, both hitting more than three - year highs.
The benchmark price of U.S. crude oil last week hit US$ 68.64 per barrel, the highest since December 2014.
The benchmark price of U.S. crude oil last week hit US$ 68.64 per barrel, the highest since December 2014.
Reuters NEW YORK Oil prices edged lower on Friday after hitting a three - year high the previous day, but the benchmarks remained on track for a fourth straight week of gains.