Oil rises to $111 a barrel as dollar weakens on OPEC stance on Russian-Ukrainian war


  • Crude oil rebounded to $111 a barrel as global oil reacts to Russia’s invasion of Ukraine amid OPEC‘s stance on Russia
  • Due to rising demand and global fallout from Russia’s invasion of Ukraine, oil prices have soared this year
  • China has imposed a series of strict containment measures to tame COVID-19 outbreaks, hurting Asia’s biggest economy

The price of crude oil broke through the $100 threshold as prices rose and investors grew increasingly concerned about global growth caused by commodity markets and a weak dollar.

Nairametrics reports that crude oil gained consecutively for four weeks, the longest stretch since February, as West Texas Intermediate surged to $111 a barrel.

Oil prices soar as Nigeria’s GDP risesCredit: Mike Meel
Source: Getty Images

Oil prices up for four weeks

Gasoline and diesel prices hit record highs as the United States begins the driving season, which begins in a week.

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Saudi Arabia, one of the world’s biggest oil producers, signaled over the weekend that it would continue to support Russia’s role in the OPEC+ producer group, which is seen as undermining US efforts to isolate Russia following its unprovoked attack on Ukraine.

According to Prince Abdulaziz bi Salman, the Kingdom of Saudi Arabia hoped to reach an agreement with OPEC+, of which Russia is a member.

Saudi Arabia pledges to support OPEC+

Due to growing demand and global fallout from the Russian invasion of Ukraine, oil prices have soared this year.

The cost of energy has risen, prompting banks to raise interest rates and heightening investor concerns about the thaw in growth.

In the same vein, China has imposed a series of strict containment measures to slow the spread of COVID-19 outbreaks that are hurting the country.

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Similarly, China has imposed a series of strict containment measures to tame COVID-19 outbreaks, hurting Asia’s largest economy.

Breaking: Oil price rises to $112 a barrel, gasoline subsidies under threat

Legit.ng reported that global oil prices surprised on Tuesday, March 1, trading above $110 a barrel amid supply disruptions following Russia’s invasion of Ukraine.

High oil prices mean more subsidies for the Nigerian government to sell gasoline below the international market rate.

The development comes even as the United States and other member states of the International Energy Agency (IEA) agreed to release 60 million barrels of oil reserves to rein in rising prices.

Source: Legit.ng

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