Follow Us on Google
From Uche Usim, Abuja
Oil prices tumbled to below $100 a barrel amid fears of a global recession outweighing supply concerns.
On Wednesday, Brent Crude, the Nigerian crude oil benchmark, dropped 3.28 percent to trade at $99.40 a barrel — the first time since February 20, 2022.
West Texas Intermediate (WTI) crude plunged 4.21 percent to $95.31 a barrel.
Nigeria’s crude oil production has continued to be battered by unprecedented crude oil theft, eroding gains the country ought to make from rising oil prices.
Oil was pressured in a low liquidity session on Tuesday as equities fell and the dollar surged, making commodities priced in the currency less attractive. Citigroup Inc. said that crude could fall to $65 this year in the event of a recession, a call in stark contrast to JPMorgan Chase & Co.’s most bullish $380 a barrel scenario.
