Oil price surpassed $85 a barrel for the first time in three months.
On Wednesday, 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.
Recall that 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.
Morgan Stanley, a multinational investment bank, 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.
In the 2022 budget, President Muhammadu Buhari earmarked $62 per barrel as the oil benchmark, up from the $57 per barrel in 2021.