The Brent benchmark was trading down 4.81% on the day, or $3.12 down per barrel at $61.79 and later ended at $62.38 on Monday night.
Brent crude futures surged by 0.74% to $68.50 a barrel falling below the $70 mark after jumping past it on Monday.
Brent crude futures were up by more than 2%, trading at $70.84 a barrel in early Asian trade, the highest since Jan. 8, 2020
On today’s episode of the Economic Roundup, Damilola Alonge an Investment Adviser and Opeoluwa Dapo-Thomas an Oil & Gas expert and writer at nairametrics.com discuss what...
Some OPEC members continue to argue that increasing production in the face of weak demand could cause prices to drop.
West Texas Intermediate, lost 1.6%, at $52.27 per barrel. It was WTI's worst daily plunge slide since last Friday when it fell 2.2%.
Oil prices have rallied for six consecutive weeks, their longest streak of gains since June.
Crude oil prices gained significantly following reports of the U.K.’s rollout of a COVID-19 vaccine.
There is a renewed hope for oil prices as backwardation in the oil markets and OPEC+ production cuts prop up the markets despite COVID-19 cases.
The majority of Nigerian oil buyers are in Europe and with imminent lockdowns, could face a potential scenario where oil revenue would decline.