Brent Crude Now $85.62/barrel

The Nigerian National Petroleum Corporation (NNPC) on Monday said Brent crude sold $85.62 per barrel.

According to the report, the crude gained $0.76, indicating 0.90%.

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.

It noted that it was the highest price since October 2018.

It revealed that US drillers added oil and gas rigs for sixth week in a row.

Meanwhile, the report said China cut independent refinery oil import quota.