Hope for Nigeria as Oil price hits 2019 high

Global oil prices is set at $69 per barrel, a 2019 high that sets hope for oil producing countries like Nigeria as sanctions against Iran increases.

The U.S. is considering to lay more sanctions against Iran, which would deepen the supply cut at OPEC.

Venezuela has also halted operations under U.S. sanctions.

The brent crude rose to $69.11, while U.S. crude tapped at $61.70, highrst since November 2018.

“The supply cuts have been there for a while but Venezuela is not improving,” said Olivier Jakob, analyst at Petromatrix. “That is taking a lot of oil away from the market.”