Oil price hits $115 a barrel — highest in seven weeks

Authors:

Ima Elijah

May 17, 2022 4:04 PM

High oil prices, among other underlying factors, continue to affect Nigeria’s...

Oil barrels.

Oil prices rose on Tuesday, May 17, 2022, amid an ongoing push by the European Union for the Russian oil imports ban.

Brent crude climbed 1.04% to $115.29 a barrel, making this the highest it has been since March 28, 2022.

West Texas Intermediate (WTI) saw a corresponding leap of 0.36%, trading at 114.6 a barrel.

On Monday, May 16 2022, EU foreign ministers failed in their effort to pressure Hungary to sign up to a proposed embargo on Russian oil.

Jeffrey Halley, analyst at brokerage OANDA, said: “Oil prices have remained near multi-week highs this week, supported by surging gasoline and distillate prices in the U.S., and fears around an EU ban on Russian oil imports remaining in play”.

Meanwhile, Tina Teng, an analyst at CMC Markets, said: that “intensifying geopolitical tension” between the EU and Russia will further bolster prices, even as Sweden and Finland seek to join NATO.

High oil prices, among other underlying factors, continue to affect Nigeria’s deregulated oil market.

Yesterday, the Airline Operators of Nigeria (AON) announced the impending disruption of scheduled flight operations over the growing scarcity of aviation fuel popular as Jet-Al.

The group said the scarcity of aviation negatively impacts the seamless conduct of air transport operations and would lead to flight rescheduling, and, or, cancellations.