Crude oil price hits over $100 again
Written by broadstreet on July 18, 2022
The price of crude oil climbed above the $100 mark on Sunday hitting $101.16/barrel after trading around $98/barrel since Tuesday, as oil marketers in Nigeria maintained an increased pump price for Premium Motor Spirit, popularly called petrol, higher than the approved rate.
Industry figures seen on Sunday showed that Brent, the international benchmark for crude, moved up by $2.06 or 2.08 per cent to close at $101.16/barrel as at 6.36pm Nigerian time.
This comes after Brent oil fell below $100 per barrel to close at $99.38 per barrel as at 7.45pm Nigerian time last week Tuesday.
However, The OPEC Monthly Oil Market Report for July 2022 showed that Nigeria’s oil production increased by 134 million barrels per day in June 2022, according to crude oil production data obtained by OPEC from direct communication.