Oil Price Hits $90 Per Barrel For First Time Since 2014

Oil Price Hits $90 Per Barrel For First Time Since 2014

Oil prices rose on Wednesday to $90 a barrel for the first time since 2014 — amid rising tensions between Russia and Ukraine.

Over the past months, oil prices have continued to surge amid increasing demand for the commodity.

Brent, global oil benchmark, topped the latest milestone while U.S. West Texas Intermediate (WTI) crude futures also witnessed a corresponding increase of 1.96% to $87.27 a barrel.

The current price is $28 higher than the $62 per barrel pegged in the 2022 budget of the federal government.

Source:- The Cable