Crude oil hits $85, the highest in 7 years

Nigeria benchmarks its budget on the price of oil.

President Muhammadu Buhari [Presidency]

Brent crude has climbed to $85 per barrel in the international market, as governments ease COVID-19 restrictions and global vaccination campaigns pick up pace.

Oil cartel OPEC, has also been effecting production cuts as a price control mechanism.

The Spectator Index reports that this is the highest crude oil has traded in the last seven years.

Oil traded for record lows at the height of the COVID-19 pandemic in April of 2020, with oil-based economies like Nigeria wailing at difficulties in funding the national budget.

President Muhammadu Buhari has repeatedly complained that he has not been able to do much since he won a first term in office in 2015, because of low oil prices.

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