Wednesday 17 October 2018
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nigerianeye
3 months ago

Oil price tumbles to $72 per barrel

Global oil benchmark, Brent crude, fell further on Monday amid talk of a possible release from global crude reserves, according to data from the International Monetary Fund showing a slowdown in global economic growth and the potential for United States waivers on Iran oil sanctions.


Brent, against which Nigeria’s oil is priced, dropped by $3.18 to $72.15 per barrel as of 8:30pm Nigerian time.

“The market is on the defensive because of the potential release of oil from global res

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