TVC News Nigeria gives us a report on the increase in oil prices.
Oil prices on the international market rose today by 2.67% to $102.40 per barrel following a 9% drop over the previous two sessions. The price increase is due to supply concerns as the European Union works on gaining support for a ban on Russian oil. This ban would result in a major shortfall in supply, which would send prices soaring when demand increases. Additionally, major oil producers have warned that they may struggle to fill the gap when demand improves, further driving up prices. Brent crude now sells at $105.30 per barrel, recording an upward price margin of 2.71%. Bonny light’s performance is still in the red territory with a price dip of 1.99% to sell at $106.10 per barrel.
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