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Brent crude closes at highest level since 2014 after OPEC refuses to boost output

Brent crude closes at highest level since 2014 after OPEC refuses to boost output

Global oil benchmark, Brent crude, rose above $80 per barrel on Monday, September 24 – trading at $81, its highest level in nearly four years. The upturn in oil prices came on the back of a tightening market and after Saudi Arabia and Russia ruled out any immediate increase in production.

Brent crude, against which Nigeria’s oil is priced, rose by $2.59 or 3.3 per cent to $81.39 per barrel on Monday also, its highest since November 2014, before easing to $81.34 per barrel.

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