The Light Brent Crude, which had not sold above $60 since December 24, has risen by $2.24 or 3.8 per cent to settle at $61.52 a barrel, marking the highest price at which it has been sold this year.
Also, US crude oil futures rose $1.57 or 3.1 per cent, to settle at $52.78 a barrel, up about 2.1 per cent for the week.
The rise in oil prices was fuelled by spending cuts by oil companies and further declines in the number of active US oil rigs, which fell by 98 to 1,358 on Friday, representing 406 rigs less than the figure recorded the same time last year.
Experts say, the number of US active rigs for oil and gas was at a five-year low as at the week ending February 6.
The Federal Government will surely be gladdened by the story. Nigeria has seen its economy badly battered by weak oil prices. The government has been forced to review it downward twice. It’s currency has also been devalued by slightly over 8 percent. And despite the devaluation, the naira continues to weaken against the dollar.