Brent crude oil traded below $60 a barrel yesterday, near 5-1/2-year lows, as major oil producers signaled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.
This came as Nigeria insists on oil benchmark of $65 per barrel for the N4.3 trillion 2015 budget which was presented to the National Assembly yesterday by the Minister of Finance and Coordinating Minister of Economy Dr (Mrs.) Ngozi Okonjo-Iweala.