Oil price falls to $86/barrel

Brent, the global benchmark for crude, dropped in price on Sunday as virtually all oil grades witnessed reduced prices on the first day of the week despite efforts by the Organisation of Petroleum Exporting Countries to stabilise the cost of the commodity.

Industry figures seen in Abuja on Sunday showed that Brent dropped in price by $4.31 or 4.76 per cent to $86.15/barrel

WTI crude lost $4.75 or 5.69 per cent to close at $78.74/barrel, while the cost of oil grades in OPEC Basket dropped marginally by $0.24 or 0.25 per cent to close at $96.31/barrel.

As oil prices plunged, data obtained from the September 2022 Oil Market Report of OPEC indicated that an oil rig in Nigeria was dormant in August 2022 when compared to the number of functional rigs in the preceding month


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