Oil prices rose yesterday, the first trading day of 2017, buoyed by hopes that a deal between OPEC and Non-OPEC members to cut production would drain a global supply glut.
The deal to cut production kicked in on Sunday.
Benchmark north sea brent crude was up 40 cents at $57.22 a barrel by early trading while the US light crude oil was up 40 per cent at $54.12 a barrel.
Oil futures markets were closed on Monday for new year public. Menwhile there are indications that the long awaited Petroleum Industry Bill will eventually see the light of day in this year.
The House Majority Leader Femi Gbajabiamila gave the hint before the house went on recess.