Wednesday, December 8, 2021

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Brent Crude soars to $85.62 per barrel

The Nigerian National Petroleum Corporation (NNPC) on Monday announced that Brent crude, the global benchmark, sold for $85.62 per barrel.

This indicated a gain of $0.76, or 0.90% after the latest surge in the global oil market.

A Reuters report attributed the rising price to soaring demand following the recovery from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.

The report added that this was the highest price since October 2018 when the market took a battering.

It further revealed that US drillers added oil and gas rigs for sixth week in a row, while China cut independent refinery oil import quota.

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