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Brent crude hits $83.99 per barrel – NNPC

Brent Crude has hit $84.50 per barrel.

According to the Nigerian National Petroleum Corporation (NNPC), Brent Crude, upon which Nigeria’s oil is priced, hit $84.50 per barrel at about 12:50pm on Monday.

NNPC data also indicated that the black gold gained $2.11 per barrel to rise at 2.56%.

U.S. West Texas Intermediate (WTI) crude rose $2.08, or 2.6%, to $81.43, the highest since late 2014.

The surge followed a rise in demand for energy that resulted from rebound activities in the face of the refusal of the Organization of the Petroleum Exporting Countries (OPEC) to increase supply.

Reuters had reported that oil prices rose more than 2% on Monday, extending gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.

Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity, with Brent advancing for five weeks and U.S. crude for seven.

Coal and gas prices have also surged, making oil more attractive as a fuel for power generation, pushing crude markets higher.