Despite recovering from a significant dip recorded in the previous week, the prices of oil in the new week began bearish as Brent crude dipped 0.54% to trade at $73.7 per barrel at the early hours of Monday.
The bearish trade was due to the enhanced prospect of increased supply of crude oil in global market, as the OPEC+ agreed to increase production supply.
Brent crude earlier today was already trading at $73.66, WTI ($71.61), Bonny Light ($72.8), while Natural Gas at $4.032.
Recall that India, one of Nigeria’s highest importers of crude oil, recorded a significant drop in oil imports due to the effect of the Covid-19 pandemic on its economy.
This also had an impact Nigeria’s economy due to the negative effect posed to its foreign reserve as well as the naira’s exchange rate.