Brent Crude Drops Below $60

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The Brent Crude just dropped below $60 to $59.63 per barrel the first time for more than five years. Nigerian budget is benchmarked against the Brent crude oil prices and may see a downward review by the Ministry of Finance in response to this new price. If the Brent remains below $60 this week it is likely that the Government may yet again lower its budget benchmark from N65 to probably $55. More to follow….