The price of crude oil has climbed above the $100 mark, hitting $101.16/barrel after trading around $98/barrel since Tuesday.
This was revealed on Sunday as oil marketers in Nigeria maintained an increased pump price for Premium Motor Spirit, popularly called petrol, higher than the approved rate.
Industry figures seen on Sunday showed that Brent, the international benchmark for crude, moved up by $2.06 or 2.08 percent to close a $101.16/barrel as of 6.36 pm Nigerian time.
The report showed that Brent dropped in price by $7.72 or 7.21 percent to close at $99.38 per barrel as of 7.45 pm Nigerian time last Tuesday, a development that persisted for most of last week.
It was also reported that the fluctuations in oil price came as the latest figures released by the Organisation of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d.
The OPEC Monthly Oil Market Report for July 2022 showed that Nigeria’s oil production increased by 134 million barrels per day in June 2022, according to crude oil production data obtained by OPEC from direct communication.
The report stated that Nigeria’s oil production in May 2022 was 1.024mb/d, but this moved up to 1.158mb/d in June.
