The price of crude oil (Brent) has finally hit the roof at $100 per barrel in the international market, due mainly to the ongoing Ukraine crisis.
WITHIN NIGERIA had reported that Russia invaded Ukraine after President Vladimir Putin announced a military operation on Thursday February 24.
This publication also reported that Russia’s declaration has plunged Eastern Europe into the kind of chaos not seen since the darkest days of World War II.
The price of oil had been predicted to rise to $100 per barrel because of a sustainable increase in demand after the Coronavirus pandemic lockdown, but it did not.
However, a few minutes ago, the price of Brent, usually utilised to benchmark other prices, rose to $103.33 per barrel, from $96 per barrel, in the global market.
Nevertheless, there were indications that the prices of other crudes, including Nigeria’s Bonny Light, currently hovering at $96.60 per barrel, will continue to rise.
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