Oil Price Surges Above $85 Amid Omicron Impact   The international oil benchmark, Brent crude, climbed above $84 per barrel on Wednesday on tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand. Brent, against which Nigeria’s crude oil is priced, rose...

Petrol subsidy Now N905.27bn, Oil Price Rises To $79.71           The Nigerian National Petroleum Corporation spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show. With the international oil benchmark, Brent crude, nearing...

Amid Supply Constraints, Crude Oil Hits $77           The price of the international crude oil benchmark, Brent, rose on Thursday amid supply constraints and a drop in United States oil reserves. As of 9:16pm Nigerian time on Thursday, Brent traded at $77.19 after it rose by 1.13...

After Days Of Losses, Oil Price Jumps To $68       The international oil benchmark, Brent crude, jumped on Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone. Brent, against which Nigeria’s...

Nigeria’s Production Faces Setbacks As Oil Price Tumbles To $68       The international oil benchmark, Brent crude, extended its losses on Monday, falling below the $70 per barrel mark to its lowest level since May. The further decline in the price of Brent followed the imposition of...

Oil Price Plunges To $74 Amid OPEC+ Crisis       The international oil benchmark, Brent crude, pared some of its recent gains on Tuesday, after the Organisation of the Petroleum Exporting Countries and its allies cancelled a meeting due to clashes over plan to increase supply to...