Price Swells To $85.67 Amid Supply.
Price of Brent crude oil flowed to $85.67 and while, the West Texas Intermediate crude rose to $80.88 per barrel.
The rise is attributed to concerns over tighter global supply brought about by escalating conflict in the Middle East and between Russia and Ukraine, while, the shrinking U.S. rig count added to upward price pressure.
President of NS Trading, a unit of Nissan Securities, Hiroyuki Kikukawa, said, the escalating geopolitical tension, coupled with a rise in attacks on energy facilities in Russia and Ukraine, alongside receding ceasefire hopes in the Middle East, raised concern over global oil supply.
Meanwhile, Nigeria’s Bonny Light traded at $87.46 a barrel.
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