Oil price falls to $24 per barrel

epaselect epa07645392 The crude oil tanker Front Altair on fire in the Gulf of Oman, 13 June 2019. According to the Norwegian Maritime Authority, the Front Altair is currently on fire in the Gulf of Oman after allegedly being attacked and in the early morning of 13 June between the UAE and Iran. EPA/STRINGER

The international oil price benchmark, Brent crude, slid further on Wednesday, as a bigger-than-expected rise in United States inventories and a widening rift within the Organisation of Petroleum Exporting Countries heightened oversupply fears.

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand.

Brent crude, against which Nigeria’s crude oil is priced, fell by $1.43 to $24.92 per barrel on Wednesday after giving up an earlier gain.

US crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a four-million-barrel build-up, data from industry group the American Petroleum Institute showed, according to Reuters.

Saudi Arabia and other members of OPEC were unable to come to an agreement on Tuesday to meet in April to discuss sliding prices.

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