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Crude oil price falls below $70 after rally

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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.

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