BREAKING: Oil price jumps to $80 per barrel

BREAKING: Oil price jumps to $80 per barrel

Oil prices jumped on Tuesday, as Brent crude, global oil benchmark, climbed to $80 per barrel.

At 16:00 GMT +1 on Tuesday, Brent crude climbed 1.09 percent to $80.07 a barrel — the highest since November 2021.

U.S. West Texas Intermediate (WTI) crude futures also witnessed a corresponding increase of 1.05 percent to $77 a barrel.

The is coming as the Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ decided to add another 400,000 barrels per day to its total oil production in February.

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