The price of crude oil Wednesday rose to $72 per barrel, its highest in more than three years, after Saudi Arabia said it intercepted missiles over Riyadh, worsening tensions in the Middle East.

Also comments by the U.S. President Donald Trump, who Wednesday warned Russia that missiles “will be coming,” in Syria after a suspected chemical attack, also affected the global oil market.


Reuters reported that the fallout from new U.S. sanctions on Moscow have rattled investors and fears of military action were stoked after one of Russia’s ambassadors reiterated it would shoot down any U.S. missiles fired at Syria.

Trump, who has criticised Russia for standing by Syrian President Bashar al-Assad, shot back in a message on Twitter early Wednesday.
“Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and ‘smart!’,” he wrote in the post. “You shouldn’t be partners with a Gas Killing Animal who kills his people and enjoys it!” he added.

With the markets reacting, oil prices rose to their highest in more than three years after Trump’s latest comments.

U.S. West Texas Intermediate (WTI) crude rose 2.43 per cent to $67.10 per barrel while Brent closed at $72.50, up 2.06 per cent on the day.

Crude oil prices began to climb on Trump’s warning over Syria, then rallied further on a report that Saudi Arabia’s air defence forces intercepted a missile over the capital Riyadh.

The prices last Friday suffered their worst weekly decline in two months after they followed plummeting equity markets amid growing fears of a trade war between the U.S. and China, the world’s two largest economies.

But on Monday, oil tracked global stock prices higher on signs over the weekend that the Trump administration might be softening its stance in the trade spat with China.

However, remarks from China’s foreign ministry and a tweet from Trump have suggested that the dispute could easily heat up again.
Oil prices on Tuesday hit over $70 as the trade war between the U.S. and China appeared to ease.
The price had on January 25, 2018 hit $71, its highest since December 2014.

After falling from an all-time high of $147 per barrel in July 2008, Brent crude price had hit a peak of $115 per barrel in June 2014 before excess inventory in the oil market forced the price down to $27 per barrel in February 2016.
WTI also reached a peak of $105 per barrel in June 2014 before the sharp drop in oil prices.

However, a production cuts pact between the OPEC, Russia and other producers has given strong tailwind to oil prices.
OPEC’s main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market.

OPEC, together with Russia and a group of other producers, last November extended the output cuts to cover all of 2018.
The current deal, under which OPEC and non-OPEC producers are cutting supply by about 1.8 million barrels per day, expires in March 2018.

OPEC is cutting output by even more than it promised and the restraint is reducing oil stocks globally, a trend most visible in the U.S., the world’s largest and most transparent oil market.

http://www.akelicious.net/2018/04/crude-oil-hits-72-highest-in-three.html

When this new oil windfall will come, I pray an ineffectual buffoon will be nowhere near the Nigerian presidency.

Buhari has made PMS available and the price stable despite the increase in international prices , let us give him kudos. Remember Obj and Jona were just increasing it anyhow.

Hnmmm politicians will be thinking of only one thing. more Funding their 2019 campaigns.

Even if crude oil hit 1000 dollar per barel.

The dullard will still have excuses to give.

A dullard is a dullard. An imbeci!e knows not what taking responsibilities are.

A leopard can't change its spots. Just as an imbeci!e can't take responsibilities or think straight.

Ok

If it hit $150, this government will still blame and complain...

Brace up for fuel crisis.... thank you GEJ you sure made us blind to a lot of facts

Over 70dollars and this useless government is still complaining and on blame game. Obasanjo and IBB are very right. I don't think nothing can change even if the oil is sold for 200dollars. I pity many of us that toiled day and night to vote this useless government into power. I am still searching for one completed project under this government despite this high in price of petrol products which also reduced the money for subsidizing petrol products. What are they doing with the money being accrued on daily basis. I don't get this country again o.

Good job

sincerlyyo:
Buhari has made PMS available and the price stable despite the increase in international prices , let us give him kudos. Remember Obj and Jona were just increasing it anyhow.

Please dont discuss buhari with fuel issues... they are directly opposite.. what stable price, people still buy at exorbitant prices outside core areas.

This wouldn't stop the blaming by APC

sincerlyyo:
Buhari has made PMS available and the price stable despite the increase in international prices , let us give him kudos. Remember Obj and Jona were just increasing it anyhow.

Fo0l

From 87 Naira to 145 naira is good for you.

APC will be silent about this...they always want excuses for their poor performance. #backtodaura2019

nice one here...

So will that make Aregbesola pay our complete salary or finished all his abandoned road projects

sincerlyyo:
Buhari has made PMS available and the price stable despite the increase in international prices , let us give him kudos. Remember Obj and Jona were just increasing it anyhow.

You sound as dumb as Buhari himself.

Who has the highest percentage of increase in PMS prices in the history of Nigeria?

Just one increase is up to 100%. Which has never happened in the history of Nigeria.

sincerlyyo:
Buhari has made PMS available and the price stable despite the increase in international prices , let us give him kudos. Remember Obj and Jona were just increasing it anyhow.

gerahere

sincerlyyo:
Buhari has made PMS available and the price stable despite the increase in international prices , let us give him kudos. Remember Obj and Jona were just increasing it anyhow.

You are opposite of your username ... Buhari who promised us 40 naira per litre and increased to 145 , so what kudos do you want us to give to the lier from the pit of hell

Please more missiles to the Middle East terrorists. We need the increase.

gurunlocker:
If it hit $150, this government will still blame and complain...

olodo. If cost of raw material increases should price not increase too

Hmmm

Good one

Since they said PDP did not save at that time hope they will learn now

Still the most dullard man ever liveth will keep using it as excuse to his failure.... Since the increase, no positive signs

Kai

Esseite:
Can we now reduce fuel price?

Increase in crude oil price means increase in fuel Price, the only thing that reduce fuel Price is refining locally.

chiscodedon:
Still the most dullard man ever liveth will keep using it as excuse to his failure.... Since the increase, no positive signs

And when did this increase happened.

Charles478:

Increase in crude oil price means increase in fuel Price, the only thing that reduce fuel Price is refining locally.

Oh.. thought this admin didnt know that when they keep blaming previous govt.

This is heading somewhere

Buhari will say it has not reached 100 dollars so he can't perform