Business
Oil price tops $93 a barrel — highest in seven years
Crude oil prices spiked above $93 a barrel today, the highest since October 1, 2014.
Brent crude futures, the global oil benchmark, rose more than 2.9 percent to $93.54.
Similarly, West Texas Intermediate (WTI) crude futures increased 2.5 percent to $92 a barrel.
Over the past months, oil prices have continued to surge as countries relaxed lockdowns and dropped travel restrictions.
On Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, agreed to increase output by 400,000 barrels per day (bpd).
Carsten Fritsch, a commodity analyst at Commerzbank, told Reuters that “the latest upswing was triggered by a cold snap in Texas, which is fuelling concerns about production outages in the Permian Basin, the largest U.S. shale play”.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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