Crude oil prices dip marginally

Crude oil prices recorded a decline on Tuesday, as Brent Crude dipped 1.08% to close at $68.71 per barrel.

  • Brent Crude had hit $70 earlier on Tuesday, reaching the highest level in two months before pulling back to settle at $68.71.
  • The increase was attributed to the general belief that economic activities would be revived all around the world, coupled with the oil demand recovery.
  • Meanwhile, Royal Dutch Shell has revealed that it does not see its upstream oil operations in Nigeria as compatible with its strategy to become a net-zero energy business.
  • The CEO, Ben Van Beurden, stated that the balance of risks and rewards associated with the company’s onshore portfolio was no longer compatible with the company’s strategic ambitions.
  • Brent Crude dipped by 1.08% to close at $68.71 per barrel, OPEC Basket grew by 2.06% to close at $67.52, while Bonny Light gained 0.35% to close at N68.22/$.