x

Crude Oil Price Tops $93 a Barrel, Highest in Seven Years

Crude oil prices spiked above $93 a barrel on Friday, the highest since October 1, 2014.

Brent crude futures, the global oil benchmark, rose more than 2.9 percent to $93.54.

Similarly, West Texas Intermediate (WTI) crude futures increased 2.5 percent to $92 a barrel.

Over the past months, oil prices have continued to surge as countries relaxed lockdowns and dropped travel restrictions.

On Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, agreed to increase output by 400,000 barrels per day (bpd).

Carsten Fritsch, a commodity analyst at Commerzbank, told Reuters that “the latest upswing was triggered by a cold snap in Texas, which is fuelling concerns about production outages in the Permian Basin, the largest U.S. shale play”.

A massive winter storm had swept across central and north-east regions of the United States on Thursday, knocking out power in parts of six states.

The oil market also gained support from tensions surrounding the Ukraine crisis, which raised concerns about potential supply disruptions.

The rise in global crude oil prices should portend an upturn for Nigeria’s revenue — but subsidy payments shortchanged the government.

In December 2021, subsidy payment gulped N270 billion, amounting to N1.43 trillion in annual expense, shrinking revenue accrued to the federation account.

Hot this week

North-Central APC Forum Urges Tinubu, NASS to Reject Calls for State Police

By Israel Adamu, JosThe North-Central All Progressives Congress (APC)...

Tinubu Gives Joy to Abuja Locals, Flags Off Community Road Network

By Joyce Remi-BabayejuPresident Bola Ahmed Tinubu has given joy...

Kogi Government, FG Empower 8,600 Households with Cash Transfer Programme

By Noah Ocheni, LokojaThe Kogi State Government, in partnership...

Security: Wike Lights Up Abuja Districts, Flags – Off integrated Solar Lighting Project

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike, on...

Nigeria Commences First Ever Measles ,Rubella Immunization Campaign, Oct. 6

By Joyce Remi-BabayejuThe federal government is set to launch...

Bishop Adegbite Names Fintiri as Most Pilgrim Friendly Governor

By Joyce Remi-BabayejuThe Executive Secretary of the Nigerian...

Clean Up Abuja: Wike Reiterates Commitment to Waste Management

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nysome...

Good Road Network Attracting Investors to FCT – Wike

... Investors to Replicate Dubai City Walk in AbujaBy...

Emir of Zazzau Faces Two Defamation Suits Over Radio Interview

...Court to Hear Case November 4By Achadu Gabriel, KadunaThe...

Tinubu, Mutfwang, Akpabio, and Other Dignitaries Honour APC Chairman’s Mother at Jos Funeral

By Israel Adamu, JosPresident Bola Ahmed Tinubu, Plateau State...

How l became a consultant inside Kaduna Prison – Journalist Idibia

MY STORYBy Idibia GabrielIt is Interesting but hazardous to...

RCCG Pastor Urges Men to Embrace Physical Exercise for Greater Productivity

By Achadu Gabriel, KadunaThe Zonal Pastor of the Redeemed...

Related Articles

Popular Categories

spot_imgspot_img