Oct 6 (Lagos) - Brent crude oil prices were hovering just above the $82 a barrel mark in London at the time of writing this article. The price of crude oil has fallen sharply since hitting almost $95 a barrel last week. There were concerns of 'demand destruction' last week as the price of Brent crude oil was approaching $100 a barrel but now the narrative have shifted.
The concerns about slowing world economy due to high interest rates have affected the outlook for crude oil according to some analysts. Other analysts point towards the strength in the US Dollar having a negative impact on crude oil prices.
Nigerian government will not be too upset with this decline in crude oil prices as it will give some reprieve from marketers calling for further increase in pump price of petrol. On the other hand, the country will earn less from its exports of the crude oil.
reporting for easykobo.com on Friday, October 6 2023 from Lagos, Nigeria