West Texas Intermediate (WTI), crude futures plunged by over 3% to trade below $60 a barrel.
Oil traders are arbitrarily going short, on signs of more COVID-19 lockdowns in Europe.
U.S based oil contract, West Texas Intermediate futures plunged by 6.4%, and Brent crude futures dropped by 6.8%.
Brent crude is on track to post weekly gains for the eighth week after touching a 13-month high at the first trading session of the week.
The performance of the market today was largely driven by price appreciation in Nigerian Oil stocks.
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
Nigeria’s overdependence on Oil has brought about high dollarization in Africa’s biggest economy.
The British-based oil contract, Brent crude surged by 0.46%, to trade at $62.99 a barrel, up from four days of losses.
Oil prices rose for a fourth straight month, despite its heavy plunge at the last trading session of the month.
U.S. West Texas Intermediate (WTI) crude futures were down by 0.6%, to trade at $63.17 a barrel thereby giving up all of Thursday's gains.