Nigeria hard hit by US Oil production out as prices hit 3-month low

Global oil benchmark, the Brent crude,has reportedly hit its lowest level on Thursday since December last year as the US crude inventories surges to a new record high, The Financial Times reports.

This reported rise of US production output has caused a supply glut in the global market even with output cuts by the Organisation of Petroleum Exporting Countries thereby bringing about low prices.

According to the Financial Times, the US West Texas Intermediate benchmark on Thursday dipped below $49 per barrel for the first time since late November.

Brent, against which half of the world’s oil is priced, was down by 2.3 per cent to $51.89 per barrel, its lowest level since early December.