Oil Price Hits $59.75, Highest In Twelve Months

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Oil price hit its highest level in a year on Friday closing in on $60 a barrel on economic revival hopes and supply curbs by producer group OPEC and its allies.

Dandal Kura Reports that reports that new orders for U.S.-made goods rose more than expected in December, pointing to continued strength in manufacturing.

The U.S. Congress is also moving ahead on President Joe Biden’s COVID-19 relief plan.
Brent crude was up by 63 cents, or 1.1%, at $59.47 by 1200 GMT after hitting its highest since Feb. 20 last year at $59.75. U.S. crude was up by 54 cents, or 1%, at $56.77, after reaching $57.09, its highest since January 22 last year.

Adam Muhammed final year post-graduate student of ecomics in University of Maiduguri said the Oil should find plenty of willing buyers on any material dip.

Brent is on track to rise more than 6% this week while last time it traded at $60,.

The pandemic had yet to take hold and economies were open and people were free to travel also the demand for gasoline, diesel and jet fuel was much higher.

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