Oil prices rose on Wednesday to $90 a barrel for the first time since 2014 — amid rising tensions between Russia and Ukraine, Njenje Media News reports.
Over the past months, oil prices have continued to surge amid increasing demand for the commodity.
According to the Cable, Brent, global oil benchmark, topped the latest milestone while U.S. West Texas Intermediate (WTI) crude futures also witnessed a corresponding increase of 1.96% to $87.27 a barrel.
The current price is $28 higher than the $62 per barrel pegged in the 2022 budget of the Nigerian government, an indication that there would be an overflow in the nation’s earnings if the oil price remaining without falling.
