THE Federal Government has put the country’s crude oil production for October at 2.2 million barrels per day (mbpd). This represents an increase of 4.16 per cent relative to August output. Besides, the price of Brent crude oil, the international benchmark, fell by 88 cents at $37.57 while West Texas Intermediate declined by 0.8 per cent to $37. Brent had earlier increased yesterday morning by 1.38 per cent to $38.45 and WTI by 2.78 per cent to $37.35 before the current decline. The Federal Government pegged crude oil benchmark at $38 per barrel in the 2016 budget proposal. The oil price has been in recovery mode in recent days. After hitting post-crisis low of close to $36 a barrel on Monday, it has since rallied and at one point yesterday, was back above $38 a barrel. Nigeria, which had pegged crude oil benchmark […]