Crude oil price hits $86 amid Russia-Ukraine crisis

The prices of crude oil have continued to rise within the past one week following attacks on Russian refineries by the Ukrainian fighters.

From $82.44 in March 11, the Brent Crude rose to $86.87 on Monday morning.

The WTI crude, which sold at $78.13 per barrel on March 12, is now selling at the rate of $81.77 as of Monday morning.

Similarly, the Murban crude increased from $82.78 to $86.90 in the last one week.

Nigeria’s Brass River and Qua Iboe sold at the rate of $90.07 as of Monday, from $84.84 on March 11, according to Oilprice.com.

A report by Oilprice.com said the string of Ukrainian drone attacks on Russian refineries which are affecting fuel output in the world’s largest exporter was one major reason for the rise in crude prices.

The Ukrainian domestic security service was said to have hit 12 Russian oil refineries during the war so far, a Ukrainian intelligence source told Reuters.

Freelanews gathered that a gallon of gasoline, which sold at $2.580 a week ago now sells at the rate of $2.759.

It was observed that the prices were fluctuating as of Monday, creating uncertainties in the oil market.

It is expected that the rise in global oil prices will impact the current cost of petrol in Nigeria.

However, the unannounced intervention of the government is said to have helped in keeping the pump price of petrol at an average of N600 per litre

Quadri Olaitan