Nigeria’s 2017 budget may be further threatened as oil prices break below the $50 mark on Wednesday, as US producers increase production, and drive oversupply.
Oil prices slipped on Wednesday to their lowest since late November, when the Organisation of Petroleum Exporting Countries (OPEC) agreed to the Algiers Accord.
Reuters reports that global benchmark Brent shed 32 cents, or 0.6 percent, to settle at $50.64 a barrel, its lowest close since November 30, while the contract fell as low as $49.71 in morning trade.
On its first day as the front-month, West Texas Intermediate (WTI) crude futures for May slipped 20 cents, or 0.4 percent, to settle at $48.04 per barrel. The session low was $47.01, its lowest since November, 2016.