Efforts of the US to boost its economy from the coronavirus pandemic have increased hopes for robust fuel demand.
Oil prices declined on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
There are concerns that the second wave of Covid-19 infections across the world could stall fuel demand recovery, causing oil prices to edge-down.
Brent crude which is the benchmark against which Nigeria’s crude is priced rose to $40 per barrel for the first time since March.
Oil prices jumped on Monday, with both U.S. and Brent benchmarks on track for their highest settles in two months, supported by optimism about resumption in economic activity and steady…
Oil was up 3% on Monday as more countries announced they would begin easing coronavirus lockdowns and as crude supply cuts by the world's top-producing nations and companies take hold.