Oil prices settle higher amid economic data

Crude Oil Price Forecast: $100 per barrel by 2019

Both oil futures contracts hit their highest since November 2014 last week at 78 dollars and 71.89 dollars a barrel, respectively as markets anticipated a sharp fall in Iranian crude supply once USA sanctions bite later this year.

At the current price, Nigeria generates $33.0 per barrel as excess revenue, amounting to $75.9 million per day.At the current oil price, the excess crude oil account is expected to reach $76 million per day, about 16.2 per cent, up from $65.4 million recorded in April, 2018. By 0800 GMT, Brent was up 20 cents at $78.43.

A almost 200% jump in oil prices over the past two-plus years could soon create a "particularly hostile environment" for global investors, Citibank economists warned Monday.

The tightening market has all but eliminated a global supply overhang that depressed crude prices between late 2014 and early 2017.

Now the United States has announced that it will impose sanctions on Iran over its nuclear program, raising fears that markets will face shortages later this year when trade restrictions come into effect.

The revised demand growth predictions come at a time when the global crude market is also facing other significant supply-side question marks, such as the impact of the imposition of United States sanctions on Iranian output and the ongoing struggles of the Venezuelan oil sector.

The possibility of a shortfall in crude supplies should be able to support prices, along with the tight market, which may be known from the American Petroleum's (API) oil stockpile report later in the day and on data from the Energy Information Administration (EIA) that is due to be released on Wednesday.

The West Texas Intermediate for June delivery rose 0.26 US dollar to settle at 70.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery rose 1.11 dollars to close at 78.23 dollars a barrel on the London ICE Futures Exchange.

OPEC figures published on Monday showed that oil inventories in OECD industrialised nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017.

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