The crude oil market has been in the uptrend for the past 2 weeks now amid the Russian-Ukraine crisis. This has been going on for the past 2 weeks as Russia invaded Ukraine.
Within this past 2 weeks of crisis the crude oil market has seen a surge of up $120 per barrel , but todays markets opening saw crude oil at $116 per barrel.
Good news for country that exports crude oil as millions/billions of dollars flows into there country's economy. And bad news for the masses.
With no denial this has been a major boost to the crude oil asset. But on the other the masses are paying the price as the price of gas surged to over $6-$7 per litre within this past few weeks alone in some western countries.
Over here the price doubled even though Nigeria is one of the exporters of crude oil but the normal price was at #170 a litre but right now its about #300 or more a litre depending on your location and that is ofcourse if you are lucky enough to get.
You will end up staying the que for hours if not the entire day without getting any Gas.
Now this has also affected the means of transportation and commodities.
Prices of food items has doubled, traveling this period is very hectic for everyone who is not super gross rich.
Alot of things are surging in price due to the scarcity of gas which if not handled or taken care would lead to something else.
I pray the crisis between Russia-Ukraine ends soon, so people can return to there homes and things would go back to normal, even thought i doubt how possible that would be given those that has lost there family members, brothers ,friends, sisters etc in this crisis 馃槩.
So that's it, that's what i have for you today on the crude oil market affected by the crisis.
Stay tuned.
