The price of Brent crude has gone below the $60 mark today. The Finance minister Ngozi Okonjo-Iwealla said that the Federal Government is able to stabilize the economy for an oil price as low as $60. Now that the price of Nigeria's oil has gone below $60, what happens?

Kei144:
Oil price will go below $60 before the end of the year. Okonjo-Iwealla has not told us that she has any solution to offer when oil price goes below $60. What about the inflation that will soon follow the worsening exchange rate of naira - dollar? Does the Federal government have any plan to cushion that?

https://www.nairaland.com/2017238/dwindling-revenue-oil-could-crash

Oil's plunge below $60 and the failure of Russia's huge emergency rate hike to stabilize the ruble jolted global markets on Tuesday, adding to a growing sense of crisis and a volatile end to 2014.

The ruble sank to more than 80 per dollar, down 20 percent on the day, despite Russia's central bank ramping up interest rates overnight to 17 percent from 11.5 percent. Moscow's dollar-denominated stock exchange dived almost 20 percent.

In a morning of sharp swings across Europe and the Middle East, Dubai's market, which is heavily exposed to oil, fell 7 percent while the Norwegian crown, another oil currency, sank as much as 5 percent.

http://finance.yahoo.com/news/ruble-jumps-russia-rate-hike-025219413.html

If true all praise to God.

When will the govt reduce the price of petrol at the pumps?

[size=14pt]Brent drops towards five-year low near $57, supply glut weighs[/size]

Brent for February delivery fell 25 cents to $57.63 as of 0528 GMT, after tumbling to $57.37 in the previous session, the lowest level since May 2009.

U.S. crude for February delivery fell 28 cents to $53.33 after it settled down $1.12 on Monday, when it hit an intraday low of $52.90 - also the lowest since May 2009.

"There's no sign of any reduction of output by OPEC," said Ken Hasegawa, commodity sales manager at Tokyo's Newedge Japan.

He said Brent could drop to $55 a barrel and U.S. crude to $50 a barrel early next year.

Traders are now eyeing weekly U.S. inventory data.

The industry group the American Petroleum Institute is scheduled to release its report later in the day, while the U.S. Department of Energy's Energy Information Administration will release its data on Wednesday.

"A potential surprise draw in U.S. oil stocks would give a short-term fillip to the upside," said Michael McCarthy, chief market strategist at Sydney's CMC Markets.

Supply disruptions in Libya, which is producing 128,000 barrels per day from fields linked to the eastern port of Hariga after fighting halted operations at the key export ports Es Sider and Ras Lanuf, also supported oil prices.

"Libya is not a major producer but the disruption could be a trigger for a mini-rally," McCarthy said.

Oil prices this year have been hammered by rising global supply and more recently by OPEC's reluctance to cut output. Brent is heading for its biggest annual drop in dollar terms.

The European benchmark and U.S. crude are set to post their biggest percentage decline in a year since 2008.

http://finance.yahoo.com/news/brent-drops-towards-five-low-033656193.html

In oil markets, U.S. crude for February was down $1.11 at $47.25 per barrel and the February Brent contract was down $1.37 at $48.74 a barrel. Both hit their lowest since April 2009.

Analysts at Goldman Sachs lowered their three-month price forecast for Brent to $42 a barrel from $80 and cut U.S. crude to $41 from $70, adding it would stay near $40 for most of the first half of 2015.

http://finance.yahoo.com/news/dollar-slips-yields-oil-still-015614657.html