Crude Oil Price Today: Brent Oil Rises To $34.42 Per Barrel

Brent Crude has risen from  $32 to $34.42 per barrel earlier today with new hope for the Nigerian Economy.

Naija News Understands that the  price of crude oil spiked, gaining as much as 15 percent in just a few hours, with increasing reports that the members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies would be holding a virtual meeting to discuss an end to the price war.

Consequently, the oil market, which was already experiencing a glut, saw prices crash to an 18-year low in March as the two countries engaged in a price war after Russia declined to join OPEC in deepening production cuts, prompting Saudi Arabia to lower prices and increase output.

The country’s financial projections for the year were also compounded by the impact of the COVID-19 pandemic, which has led to the international buyers of the country’s crude oil cutting down on their purchase and consumption, leaving Nigeria’s crude stranded at sea.

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