Brent crude plunged by over 4.75% to trade at $49.85 a barrel after rising 1.5% to its highest since March on Friday.
Oil traders have flagged the start of hurricane season as a potential headwind for crude oil prices.
Economies are opening up, however, the recovery is gradual and will take some time for oil prices to hit pre-COVID-19 levels.
Crude oil prices gained today, after China’s impressive export data was released hours ago. China’s exports surged by 3.5%
Oil prices dropped on Monday after the Saudis and the Russians postponed a meeting to discuss potential oil production cuts.
Brent Crude has increased from $27.34 to $32 per barrel, as 15:40pm Nigerian time on Thursday April 2, 2020.
Crude oil prices went up on Friday as policy leaders around the world promised a huge injection of capital to limit the weakening world economy.
Minister of State for Petroleum, Timipre Sylva said the Organization of OPEC and non-OPEC countries would meet over production cut.
Crude oil price crashed below $30 on Sunday evening's market-opening after Saudi Arabia launched a price war in reaction to Russia's decision not to cut output.
Bonny Light Crude Oil (BLCO) is a high grade of Nigerian crude oil produced in the Niger Delta basin and named after the city of Bonny.