Brent crude rises above $67 per barrel

The price of oil rose to $67 a barrel on Monday from $64 due to expectations that the crude supply glut would end soon.
Earlier on Friday, oil services firm, Baker Hughes Inc., said prices might further rise due to the number of U.S. active rigs that had fallen for a record 21 weeks in a row.
It would be recalled that Nigeria’s 2015 budget was hinged on $53 per barrel.
Brent crude LCOc1 was up 56 cents at $67.02 a barrel after hitting a 2015 peak of $67.10, while the U.S. crude CLc1 gained 22 cents to hit $59.37.
The U.S. benchmark hit its highest this year at $59.90 on May 1.
Brent has rallied more than 40 per cent from a near six-year low of $45.19 in January.
The collapse in 2014 was due to ample supply and the refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut output.