Oil Price Rises To $115.29 Per Barrel

Oil price has risen to $115.29 per barrel following the push for the Russian oil imports ban by European Union.

As the Brent crude climbed 1.04 per cent to $115.29 a barrel on Tuesday — the highest since March 28, the West Texas Intermediate (WTI) saw a corresponding leap of 0.36 per cent, trading at 114.6 a barrel.

On Monday, EU foreign ministers failed in their effort to pressure Hungary to sign up to a proposed embargo on Russian oil.

An analyst at brokerage OANDA, Jeffrey Halley said, “Oil prices have remained near multi-week highs this week, supported by surging gasoline and distillate prices in the U.S., and fears around an EU ban on Russian oil imports remaining in play”.

Meanwhile, an analyst at CMC Markets, Tina Teng said, that “intensifying geopolitical tension” between the EU and Russia will further bolster prices, even as Sweden and Finland seek to join NATO.

The increase in oil prices, among other underlying factors, continues to affect Nigeria’s deregulated oil market.

NewsBeatng reports that the Airline Operators of Nigeria (AON) announced the impending disruption of scheduled flight operations over the growing scarcity of aviation fuel popular as Jet-Al on Monday.

AON in a statement said the scarcity of aviation negatively impacts the seamless conduct of air transport operations and “would lead to flight rescheduling, and, or, cancellations”.

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