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.