Oil Prices Hit All Time High for 2016

Oil prices on Tuesday hit their highest point in eight months following dollar weakness and the continued attack on oil installations in Nigeria.

Brent crude futures were up 67 cents at $51.22 a barrel, having hit an intraday peak of $51.29 earlier in the day, their highest since October.

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U.S. crude oil futures also rose 60 cents to $50.29 a barrel, having touched a fresh 2016 peak of $50.37, their highest since October last year.

“With Brent staying above $50, oil is on an upward momentum with the restart of French refineries that were shut on strikes and pipeline attacks in Nigeria,” said Kaname Gokon at brokerage Okato Shoji in Tokyo.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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