Business
Big news for Nigeria as oil trades near $100
Oil prices traded near to $100 per barrel on Tuesday as tension between Russia, the world’s largest crude producer, and Ukraine intensified.
On Wednesday data from Reuters showed Brent crude, the benchmark for Nigeria’s oil was at $99.36, the highest since August 1, 2014, before moderating to $96.43 per barrel later in the day.
U.S. West Texas Intermediate (WTI) crude futures was at $92.27 per barrel.
Read also: Oil marketers extend operation as fuel scarcity lingers
The latest price is above the oil benchmark of $62/barrel in Nigeria’s 2022 budget.
The development cane after Moscow ordered troops into two breakaway regions in eastern Ukraine.
In a television address, Mr. Putin described Ukraine as an integral part of Russia’s history and said eastern Ukraine was ancient Russian lands and that he was confident that the Russian people would support his decision.
He announced his decision in phone calls to the leaders of Germany and France, who voiced disappointment, the Kremlin said, and was later shown on state television signing the decree.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...