Global oil benchmark, Brent crude, hit an eight-week high yesterday as the world’s biggest producers prepared to discuss a possible freeze in production levels. Brent, against which half of the world’s oil is priced, rose by $0.84 to $50.69 per barrel as of 7:58pm Nigerian...

Crude oil customers from India, Indonesia and the United States are turning away from Nigerian oil over uncertainty about deliveries as attacks by militants have reduced Nigeria’s oil output. Their reluctance is limiting the prices Nigeria can get for its oil even as there is...

Oil prices edged down slightly today but held around 11-month highs thanks to a weaker dollar and forecasts for another drop in US inventories. The commodity has rebounded about 90 percent from near 13-year lows touched at the start of the year as worries over...