The price of crude oil has risen to $85 per barrel

For the first time in three months, the price of oil topped $85 per barrel.

Brent crude futures, the global standard, jumped 1.66 percent to $85.11 per barrel by 19.06 GMT+1 on Wednesday, while WTI crude futures rose 2.25 percent to $83.05 per barrel.

On October 15, 2021, the price of Brent crude had surpassed the $85 mark.

The Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, agreed last week to boost oil supply by 400,000 barrels per day.

Brent crude was expected to rise to $90 a barrel in the third quarter of this year, according to Morgan Stanley, a worldwide investment firm.

Oil prices are expected to “overshoot” to $125 a barrel this year and $150 in 2023, according to the bank.

President Muhammadu Buhari set the oil benchmark at $62 per barrel in his 2022 budget, up from $57 per barrel in 2021.

Rising oil prices would result in more oil revenue for Nigeria.

Nigeria, on the other hand, has been investing its oil wealth on fuel subsidy shortfall payments, which cost the country over N1 trillion last year.

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