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Global oil prices took a dramatic turn on Wednesday, jumping by five per cent, after dropping to $88 per barrel on Tuesday, according to market data.
Brent hits $92.43 per barrel as of 10:56 AM WAT, signalling a 5.27 per cent increase. It had initially hit over $100 per barrel on Monday as crisis in the Middle East continued unabated.
The main US contract, West Texas Intermediate, soared 5.9 per cent to $88.38 per barrel.
The development followed a cut in the price of Premium Motor Spirit (PMS) or petrol by the Dangote Petroleum Refinery on Tuesday.
