- Russia's invasion of Ukraine is having a serious toll on crude oil prices in the global market with analysts making alarming reports
- For now, the price of the product has dropped below $100 per barrel which is the lowest in three weeks
- Brent Crude has dropped to $99.98 per barrel, while West Texas Intermediate (WTI) is selling for even a lower price
Amid Russia's invasion of Ukraine, the prices of crude oil in the global market on Tuesday, March 15, nosedived over 6%.
For now, Brent crude, regarded as the global oil benchmark, dropped to $99.98 a barrel, while West Texas Intermediate (WTI) went down to $96.31 per barrel, CNBC News reports.
Analysts state that this is the lowest crude oil prices have fallen since February 28, that is, three weeks since the last fixture, The Cable added.
Crude oil hits 13-year high, sells for $130 per barrel as Western economies move to ban Russian Oil
Meanwhile, it was reported that Nigeria might be in for a windfall as the escalating Russian invasion of Ukraine has driven crude oil to a 13-year high, selling at $130 per barrel.
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The US crude soared not less than 7 percent on Sunday evening as the market continued to react sharply to supply troubles amid Russia’s ongoing invasion of Ukraine and the thought that Russian oil and gas may be banned by the European and American markets.
Experts predict higher oil prices
The international benchmark, Brent crude surged 8.4 percent above $128.20, while Brent jumped to $139.13 at some point overnight, its highest since July 2008.
John Kilduff of Again Capital said the reason oil is rising is because of the prospect of a complete embargo on Russian oil and its products.
According to him, high petrol prices are going to keep rising in a harsh way.
Nigeria may increase price of petrol amid tension in Ukraine
This also meant Nigeria, which imported most of its refined petroleum products may have to spend more on oil subsidies as the international oil price surges.