New Telegraph

Brent crude nears $85 per barrel

Prices of crude oil rallied yesterday, as they increased greatly at the global market. While Brent crude reached $84.36 per barrel, a development, which marked 0.76 per cent over $83 recorded a day earlier, the US West Texas Intermediate (WTI) recorded followed suit as it hits $82 per barrel from $78 recorded two days ago. Both prices increased amid the spread of Omicron, a variant of COVID 19, which discovery few years ago disrupted economic activities across the world. Analysts were of the views that the prices of crudes can reach $100 a barrel in the next few weeks, a development, which is a good omen for the market that has been struggling to recover from economic crises in the global world. Expectedly, oil dependent countries, including Nigeria would benefit from the rise in prices of crude oil, if the developments continue.

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