Brent, the oil against which Nigeria’s crude is priced, dropped marginally on Tuesday, shedding 32 cents to close at $74.18 per barrel as of 4pm Nigerian time.
This came as the Deputy Prime Minister of the Russian Federation, Alexander Novak, in a letter addressed to the Secretary-General of the Organisation of Petroleum Exporting Countries, Sanusi Barkindo, emphasised the need for continued work by OPEC and its allies to maintain market stability. The letter read in part, “I believe that in the conditions of continued uncertainty in the development of the global economy, the significance of the coordinated work in order to maintain the stability of the global energy markets will only increase.”
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