Connect with us


Crude oil price falls below $70 after rally



Nigeria's crude oil production falls to 1.999m bpd

Crude oil prices fell on Monday evening after pushing above $70 a barrel in the early hours, as dust from Saudi Arabia attacks settled.

In the early hours of Monday, news of a drone attack on petroleum storage tanks in Saudi Arabia had sent crude oil prices above $71.38 a barrel, but gave back the gains to close the day $68.63.

As at 6.30am March 9, Brent crude oil which is Nigeria’s oil is priced 68.81 rebounding by 0.57 percent from the price it closed on Monday.

Read also: Crude oil hits two year high at over $70 per barrel

Crude prices have been buoyant since the Organization of the Petroleum Exporting Countries (OPEC), Russia and oil-producing allies, collectively known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

A calculation by Platts put the compliance rate at 99.5% from OPEC+ members.

Although, analyst are still concerned that despite the higher oil demand amid an improved economic climate, sentiment around the market is likely to remain a key force in oil price.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now