A barrel of crude Oil has reached $85 per barrel for the first time in three months.
It was gathered that Brent crude futures, the global benchmark, rose 1.66% to $85.11 a barrel by 19.06 GMT+1, while West Texas Intermediate (WTI) crude futures increased 2.25 percent to $83.05 a barrel.
The price of Brent crude had crossed the $85 mark on October 15, 2021.
Last week, the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided to increase oil output by 400,000 barrels per day.
A multinational investment bank, Morgan Stanley had predicted that Brent crude would climb $90 a barrel in the third quarter of this year.
The bank added that it expects oil prices to “overshoot” to $125 a barrel this year and $150 in 2023.
President Muhammadu Buhari in 2022 budget earmarked $62 per barrel as the oil benchmark, up from the $57 per barrel in 2021.