Brent crude futures dropped by 49 cents, or 0.63%, to $77.87 per barrel. This marked the first time Brent closed below $80 since February 7th, following a Monday decline of over 3%.
Oil prices steadied on Monday as renewed geopolitical risks in Russia and the Middle East came into sharp focus following a series of weekend attacks.
Brent crude oil futures increased by 40 basis points to $85.66 a barrel.
Early trading on Friday revealed there was an increase in oil prices, influenced by rising demand from the largest consumers in the world, namely the United States and China.
OPEC+ countries, spearheaded by Saudi Arabia and Russia, have decided to prolong the recent voluntary oil production reductions for an additional three months in an effort to push up prices, which have continued to be low amidst persistent geopolitical conflicts across Europe and the Middle East.
An early review of oil prices on Monday, Jan 22 has shown that Brent crude price was at $78.47 per barrel around 03:53 am GMT
Oil prices saw an uptick on Thursday following the seizure of an oil tanker by an armed group in Oman, heightening concerns about a potential escalation of conflict in the Middle East.
Oil prices saw a 1% increase on Friday due to ongoing tensions in the Middle East stemming from Houthi attacks on ships in the Red Sea.
Oil prices plunged on Friday as investors sought more information on the EU embargo against Russian refined products
Nigeria is struggling to increase its proven reserves due to falling investment in prospecting and exploration activities amidst other factors
The Nigerian economy is suffering from a lack of foreign exchange as currency traders continue to complain about limited forex liquidity, forcing the local currency to decline more in the FX market
Oil prices are bullish during the Asian session on Tuesday as the two major oil benchmarks are up...
