The prediction of a $20 oil price looks to be getting closer, as oil prices hit 14 year low on Thursday, after hitting an 11 year low on Wednesday.

Brent crude is down 4.15% today, trading at around $32.89.

The tensions between Iran and Saudi Arabia may be responsible for the oil price as well as the weakening demand from china who are also facing a currency crisis.

This comes at a time when the IMF Boss Christine Lagarde, advised the Nigerian Government to increase the Value Added Tax revenue in order to diversify the revenue base of the economy.

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