Crude
oil price was sold today at 49.41 dollars per barrels signifying increase for two consecutive
days.
It was
sold at 44.46 dollars per barrel yesterday and 44.32 dollars per barrel on
Tuesday.
But analysts
insist that the slight increment on oil price is nothing to cheer about as the
increment is only as a result of the shortfall in production in Nigeria and
Venezuela, two countries that contribute significant amount of oil at the international
market.
They posit
that as soon as the unrest in the two countries which reduced production subsides,
oil price will crash again.
The
discovery of alternative sources of power is largely blamed on the free fall of
oil price.
Nations
are advised to create opportunities in the oil and gas deposits, through
petrochemicals to derive maximum value from them.
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