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Big news for Nigeria as oil trades near $100

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Oil prices rise as OPEC, allies agree deal to cut output by 10m barrels/day

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.

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