Oil Extends Gains, Naira Appreciates After CBN Eased Rate

Oil prices rose for a second day on Wednesday after the Central Bank of Nigeria cut interest rate on Tuesday by 50 basis points from 27.5 per cent in July to 27 per cent.  

Brent futures rose 19 cents, or 0.3%, to $67.82 a barrel by 5:00 AM WAT.

The benchmark climbed by more than $1 a barrel on Tuesday as a deal to resume exports from Iraq’s Kurdistan stalled, halting pipeline shipments of…