Oil Hits $130 A Barrel, Highest In 14 Years - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

Oil Hits $130 A Barrel, Highest In 14 Years

Alamu Adebayo by Alamu Adebayo
March 7, 2022
in News
0
Oil Hits $130 A Barrel, Highest In 14 Years
0
SHARES
4
VIEWS
Share on Facebookshare on whatsappShare on Twitter

The price of crude oil on Monday hit $130 a barrel, the highest since July 2008, after the United States and European allies considered banning the importation of Russian oil in protest against Russia’s invasion of Ukraine.

Brent crude futures jumped $12.61, or 10.6 per cent, to $130.72 a barrel by 0449 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $10.41, or 9 per cent, to $126.09,” Reuters reported.

Monday’s intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.

Over the past week, the prices of crude oil rose after the United States and its allies sanctioned Russia over the invasion of Ukraine.

Russia is the world’s second-largest oil producer, mostly selling its crude to European refineries. It is also the largest supplier of natural gas to Europe, providing about 35 per cent of the supply there.

On Sunday, the U.S. Secretary of State Antony Blinken said the U.S. and its European allies are exploring banning Russian oil imports.

“We are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course, at the same time, maintaining a steady global supply of oil,” Mr Blinken was quoted by Reuters as saying in an interview on NBC’s “Meet the Press” show on Sunday.

Reuters quoted the CMC markets analysts as saying, “A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand.”

“Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question,” the analyst said.

The rise is good news for Nigeria which relies on crude sales for most of its revenue. However, it is bound to create more problems for the country as higher prices will make fuel subsidies more expensive, with the likelihood of Nigerians having to pay more for fuel, transportation and goods.

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Previous Post

NAAT Threatens Indefinite Strike From March 31

Next Post

Breaking: Akin Ogunbiyi Withdraws From Tuesday’s Osun PDP Guber Primary

Alamu Adebayo

Alamu Adebayo

Related Posts

Egbedun @40: Akinleye Salutes Symbology Youthful Excellence, Legislative Distinction
News

Egbedun @40: Akinleye Salutes Symbology Youthful Excellence, Legislative Distinction

by The Source
June 28, 2025
Prof. Adepoju Calls on Women to Support Husbands, Launches Book on Fathers’ Sacrifices
News

Prof. Adepoju Calls on Women to Support Husbands, Launches Book on Fathers’ Sacrifices

by The Source
June 28, 2025
Fubara, Wike Sighted Together in Rivers State after Peace Talks
News

Fubara, Wike Sighted Together in Rivers State after Peace Talks

by The Source
June 28, 2025
Defence Academy Attack: Bandits Demand N200m Ransom For Abducted Officers
News

Bandit Leader Babaro Seizes Kankara, Bans Farming, Kills Dozens

by The Source
June 26, 2025
NYCN Exonerates Osun Govt over Alleged Tempering of Youth CONFAB List
News

NYCN Exonerates Osun Govt over Alleged Tempering of Youth CONFAB List

by The Source
June 26, 2025
Next Post
PDP Governors, Ayu, Saraki, Mimiko, Obi, Others Storm Lagos, Receive Defected APC Group

Breaking: Akin Ogunbiyi Withdraws From Tuesday's Osun PDP Guber Primary

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • Egbedun @40: Akinleye Salutes Symbology Youthful Excellence, Legislative Distinction
  • Prof. Adepoju Calls on Women to Support Husbands, Launches Book on Fathers’ Sacrifices
  • Fubara, Wike Sighted Together in Rivers State after Peace Talks

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In