Crude
oil price decreased in the review week. OPEC weekly basket price reduced by 3.5
percent to $42.06per barrel from November 4, 2016 to November 11,
2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as
indicated in the OPECs October crude data figures (global OPEC and Non-OPEC
oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by
1.92mb/day).