FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson - S1AETIZMOIAB/File Photo

Oil prices have on Wednesday risen to $72, extending gains from the previous session.

Brent crude, against which Nigeria’s crude is priced, rose by $2.99 to $72.34 per barrel at 7:20pm Nigerian time, Punch reports.

US West Texas Intermediate crude futures rose by $3.17 to $70.37 a barrel.

ActivTrades analyst, Ricardo Evangelista said, “Oil … is appearing to have found support as risk appetite increases once again.

“This support comes after the pronounced falls registered during the last few sessions, which were triggered by apprehension over the impact the Delta variant …, as well as the agreement between OPEC+ countries to increase production,” he said.

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