Brent Oil at USD50/Barrel and Gold at Two Weeks High

INT’L — Gold touches highest rate per ounce in two weeks today, Monday, scoring the highest daily gain in 4 months, since February, at a 2.8 per cent rise, before receding slightly to USD1,240.80/ounce for liquid transactions, from USD1,248.40/ounce, with no change incurred to gold price per ounce for accrued transactions at USD1,243.2/ounce.

As for oil, price per barrel of Brent crude has increased to USD50 today as well, Monday, at exactly 1:39AM Greenwich meantime, rising by 0.8 per cent, or USD0.39/barrel.

Increase in oil prices was factored by a sharp 1.5 per cent drop in USD exchange value Friday, following the release of reports that raised alarm over the US economic situation.

On another note, recurrent attacks on Nigerian oil facilities have also contributed to the increase in oil prices, driving Nigerian oil production its lowest levels in over 20 years.


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