By Adedapo Adesanya
Crude oil prices increased on the global oil market on Friday as listed oil markets recorded slight increases in prices of the black gold.
The rise in the price of the prized commodity was attributed to the seizure of a British oil vessel by the Iranian authorities, sparking another round of tensions after the country’s forces were accused recently of attacking an oil vessel.
At the market on Friday, the West Texas International (WTI) crude, which saw a drop in the previous day, recorded a 0.61 percent increase to sell at an equivalent of $56 per barrel.
Also, the Brent Crude Oil saw a 54 Cents increase or 0.87 percent rise at yesterday’s session to sell at $62.5.
Business Post reports that the Nigerian Bonny Light also had a share in the price appreciation of crude oil prices yesterday by going up by 60 cents, amounting to a 0.96 percent change to trade at $63 per barrel.
However, it wasn’t the same path for the OPEC basket, which is yet to recover from a 2.32 percent drop on Wednesday, shedding $1.50 to trade at $63 per barrel.
Experts await the effect of the contention on oil prices that could follow Iran’s seizure of British Oil Tanker, which it authorities announced on Friday that it would hang onto for another 30 days if the Iranian tanker seized in Gibraltar is not released.
Dipo Olowookere