Market News
Brent crude falls below $70 per barrel as Naira depreciates against Dollar - DAILY POST
By
Global prices recorded a decline on Tuesday as Brent Crude futures fell below $70 per barrel for the first time since December 2021.
Data from Oil Price.com on Tuesday showed that Brent crude oil had fallen by $2.33 (-3.24 percent) to $69.51 and WTI crude had fallen by $2.60 (-3.78 percent) per barrel to $66.11.
The global oil price fall comes amid heightened geopolitical tension in the oil-rich Middle East region.
Similarly, discouraging economic data from China and the US had further raised concerns about oil demand in the world’s top two consumers, fueling fears of a potential surplus in coming months.
Meanwhile, the supply output rise by Nonmembers of Organizations of Petroleum Exporting Countries may have further worsened the development.
This dip in crude oil prices has an impact on Naira. Nigeria’s major source of external reserves is crude oil sales.
DAILY POST reports that Naira fell significantly to N1637.59 per dollar on Tuesday from N1580.46 exchanged on Monday.
The development may further worsen the Naira crisis against the dollar amid endless fluctuations.
