HomeInternationalOil prices near $80, as Buhari sign 2022 budget with $60 per...

Oil prices near $80, as Buhari sign 2022 budget with $60 per barrel

Date:

Related stories

Baltasar Ebang Engonga dismissed as Equatorial Guinea ANIF chief

The government of Equatorial Guinea has dismissed Baltasar Ebang...

Donald Trump defeats Kamala Harris

Donald Trump has claimed a second term in the...

Baltasar Ebang Engonga faces scandal as explicit videos leak

Baltasar Ebang Engonga, the Director General of Equatorial Guinea’s...

Kenyan Senate impeaches Deputy President Gachagua

In a groundbreaking development, Kenya’s Senate has voted to...

Possible third assassination attempt on Trump stopped at rally location

Authorities in California confirmed the arrest of a man...
spot_img

Oil prices posted the first gain in 2022, edging towards $80 a barrel ahead of the meeting of the Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+.

Brent crude futures, global oil benchmark, gained 1.15% to $78.93 a barrel by 9.51 GMT+1 on Monday, while U.S. West Texas Intermediate (WTI) crude futures increased 1.04% to 76.25 a barrel.

Abhishek Chauhan, head of commodities at Swastika Investmart Limited, told Reuters that “tightened supplies from Libya ahead of OPEC+ meeting kept the market sentiments positive”.

A Reuters poll showed on Friday “that oil analysts have lowered their price forecasts for 2022 as the Omicron coronavirus variant poses headwinds to recovering fuel demand and risks a supply glut as producers pump more oil.”

In 2021, oil prices climbed to a three-year high, at over $80 a barrel.

On December 20, oil prices had dipped to $70 amid rising cases of the Omicron coronavirus variant in Europe and the United States.

According to Reuters, economists and analysts had projected that Brent crude would average $73.57 a barrel in 2022, about 2% lower than the $75.33 consensus in November.

In Nigeria, President Muhammadu Buhari had signed the 2022 budget into law with an average of $60 per barrel for the oil price.

Subscribe

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here