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ProfRem
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Global oil benchmark, Brent crude, fell on Tuesday, reflecting growing concerns that a two-month rally might be fading, as supply looked set to keep rising and there appeared to be little immediate prospect of demand keeping pace.
It fell by $1.27, or 3.15 per cent, to $39 per barrel, while the United States’ benchmark, West Texas Intermediate, fell by 3.35 per cent to $38.08 per barrel.
Brent, against which Nigeria’s oil is priced, had on March 18 risen to $42.29, $4.29 higher than the country’s benchmark of $38 per barrel for the 2016 budget.
Earlier, prices pared losses after Federal Reserve chair, Janet Yellen, delivered remarks on the US economy and monetary policy, according to CNBC.
It fell by $1.27, or 3.15 per cent, to $39 per barrel, while the United States’ benchmark, West Texas Intermediate, fell by 3.35 per cent to $38.08 per barrel.
Brent, against which Nigeria’s oil is priced, had on March 18 risen to $42.29, $4.29 higher than the country’s benchmark of $38 per barrel for the 2016 budget.
Earlier, prices pared losses after Federal Reserve chair, Janet Yellen, delivered remarks on the US economy and monetary policy, according to CNBC.
