Nigerian crude prices dipped to a three-week low on Tuesday, falling back to rates seen before the recent Israel-Iran fighting as fading supply fears and talk of an OPEC+ output increase weighed on the market.
Nigeria’s key grades-Bonny Light, Brass River, and Qua Iboe-finished below $70 a barrel at the last session, leaving them $5 under the Federal Government’s benchmark for crude.
Brent September futures traded at $66.57 a barrel, while West Texas Intermediate contracts moderated to $63.64 a barrel.