Oil Price Gains 2%, Rises To $85/Barrel

The global benchmark for crude oil, Brent Crude, has risen by 2.5 per cent and traded above $85 on Tuesday as a result of expectations that China might ease its COVID-19 restrictions.

Oil market updates by oilprice.com showed that Brent Crude increased in price by $2.14 or 2.57% to $85.33/barrel.

WTI Crude rose $1.75 or 2.27% to close at $78.99/barrel, while Murban Crude inched $1.60 or 1.86% to $87.74/barrel.

Natural Gas surged $0.078 or 1.08% to $87.274 per barrel and Gasoline was up by $0.057 representing 4.42% to $2.387/barrel.

Nigeria’s Brass River in the global oil market traded at $84.76 per barrel. The addition represents $3.26 or 4.21%.

Qua Iboe added $3.50 or 4.21 % to settle at $86.55/barrel.

According to West Texas Intermediate, in 2008, crude oil was as high as $147 a barrel, while the highest seen in 2022 so far is $130 a barrel.