Brent Crude lost about 0.62% to trade at $42.94 a barrel, at 6.05 am Nigerian time.
It appears that Brent is heading towards a weekly decline of about 2%.
International benchmark expected to average $40.50 per barrel this year.
Brent crude is the leading global benchmark for Atlantic basin crude oils.
Bonny light sold for $43.33, far below the price Nigeria sold its crude months ago.
Brent crude is the leading global benchmark for Atlantic basin crude oil.
There are fears the resurgence of the COVID-19 virus could stutter the demand recovery for energy.
To tackle weakened oil demand, OPEC and its major allies agreed to a record supply cut.
The oil market is stabilising amidst compliance of OPEC+ members with the agreement to cut oil production.
Brent crude is the leading global benchmark for Atlantic basin crude oils.
