Nigeria's Revenue Jump as oil hits $119.79

Nigeria's oil revenue is increasing exponentially as crude oil prices surged on Thursday to $119.79 a barrel. This price is %54.79 higher than the country's 2011 budget benchamrk for $65.


Oil prices have been increasing consistently in the oast tow weeks due to the political turmoil in oil producing nations in Africa and the Middle east.

Prices surged to a two-and-half year high as the revolt in Libya choked exports, the eased as Saudi Arabia assured Europen refiners.

According to a report by Reuters, the Brent crude price jumped by 7.5 percent as the revolt cut off up to three quarters of Libya's 1.6 million barrles per day production, according to the Italian oil company, ENI, a top player in Libya's oil sector.

Brent crude traded up by $3.04 to $114.29 a barrel, after hitting $119.79 earlier, the highest level since August 2008. United states crude price rose by $1.26 to $99.36 a barrel, after touching $103.41, the highest since September, 2009.

The stronger gains in the Brent pushed its premium to United states oil, which has been weighed down by high inventories at the Cushing, Oklahoma delivery point for the New York Mercantile Exchange.