Brent crude futures closed at $62.43 after rising to an intra-daily session high of $62.83, the highest price level since Jan. 22, 2020
ExxonMobil has lifted a force majeure on Nigeria’s Qua Iboe crude oil exports as production resumes.
Brent crude prices dropped over 1% trading at $40.68/barrel, while West Texas Intermediate also dropped over 1% to trade at $38.63.
Brent crude is the leading global benchmark for Atlantic basin crude oils.
Nigeria cut its official selling price of crude oil to record lows as it looks to clear a glut of unsold April-loading cargoes.
A monitored report suggests that Nigeria has reduced the official selling prices for its crude oil so as to clear an inventory of unsold April-loading cargoes.
