Brighter days for Nigerian government as oil price hits $70

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The price of brent crude oil again rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America, P.M. News reports.

Brent sweet crude futures, the international benchmark for oil prices, were at 70 dollars per barrel at 0558 GMT, up 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at 64.53 dollars a barrel, up 23 cents.

Both benchmarks last week reached levels not seen since December 2014, with Brent touching 70.05 dollars a barrel and WTI reaching as high as 64.77 dollars.

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