Oil raced above the $54 per barrel price mark early Wednesday as it extended gains to the highest level in a month.
Brent, the international benchmark crude is now trading at a high of $54.65 per barrel.
Reports say investors focus may however be shifting back to US crude inventories after supply disruptions and optimism over OPEC’s output curbs help drive price upwards.
Oil prices are watched very closely in Nigeria where recent rallies have helped to embolden the Central Bank in its strategy to raise FX supply to the market while curbing the rates on the parallel market.
Naira/USD rate outlook is brighter at around N400/$ level, with inflation now expected to come in at below 17% for March.
