Crude Oil Price Hit All Year High of $58

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On Monday, Crude oil prices hit a new 2017 high fuelled largely by improving demand and expectations that the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers will extend output cuts.

The International benchmark, Brent crude rose $1.52, or 2.7 percent, to $58.38 per barrel, surpassing the highest level of the year.However, the United States West Texas Intermediate crude remained well below its 2017

However, the United States West Texas Intermediate crude remained well below its 2017 high but topped $51 a barrel for the first time in four months.

It was last trading up $1.06, or 2.1 percent, at $51.72 per barrel.

OPEC and other oil exporters declined on Friday to extend their agreement to limit production in a bid to drain a global glut that has weighed on prices for three years.The development coincided with an announcement by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), that it was targeting to grow its oil production capacity to 500,000 barrels per day.

The development coincided with an announcement by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), that it was targeting to grow its oil production capacity to 500,000 barrels per day (bpd) by 2020.

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