Oil price hits $85 a barrel — first time in three months

0
390

Oil price surpassed $85 a barrel for the first time in three months.

Yesterday, Brent crude futures, the global benchmark, rose 1.66% to $85.11 a barrel by 19.06 GMT+1, while West Texas Intermediate (WTI) crude futures increased 2.25 percent to $83.05 a barrel.

The price of Brent crude had crossed the $85 mark on October 15, 2021.

Last week, the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided to increase oil output by 400,000 barrels per day.

Morgan Stanley, a multinational investment bank, had predicted that Brent crude would climb $90 a barrel in the third quarter of this year.

The bank added that it expects oil prices to “overshoot” to $125 a barrel this year and $150 in 2023.

In the 2022 budget, President Muhammadu Buhari earmarked $62 per barrel as the oil benchmark, up from the $57 per barrel in 2021.



READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!