Brent Appreciates in Price

Brent, the global benchmark for crude, appreciated in price on Monday.

This comes as the Organization of Petroleum Exporting Countries and its allies consider an oil output cut of more than a million barrels per day when they meet on October 5, 2022.

Industry figures seen showed that the cost of Brent moved up by 3.7 per cent or $3.15 to close at $88.3/barrel as at 6.03pm Nigerian time.

Another oil grade, the WTI, also increased in price on Monday. It gained $3.36 or 4.23 per cent to close at $82.83/barrel around the same time.