Brent Crude price has risen to $87.4, the highest since October 2014.
Gatekeepers News reports that Nigeria’s benchmark, Brent has traded at within striking distance of its seven-year high at $86.71 per barrel on Monday.
This showed the continuous supply constraints and waning fears among heavy fuel users of another pandemic-induced slowdown.
In the last two weeks, the oil price climbed more than 10 per cent to as much as $86.71 a barrel, exceeding last October’s high, to levels that was last witnessed in 2014 when oil topped $115.
On the other hand, the West Texas Intermediate (WTI) – the United States oil marker, has risen more than 12 per cent since the start of 2022 to hit a high of $84.78, just under last year’s peak.
