Concerns as Oil Prices Fall Below Nigeria’s $60/barrel Budget Benchmark

SWITZERLAND, AUGUST 7 – There are concerns regarding the execution of Nigeria’s 2019 budget after oil prices fell below the $60 per barrel benchmark.

Oil prices have reduced to $58 per barrel, setting new seven-month low amidst trade tensions between United States and China.

Oil prices slipped further on Wednesday, extending recent heavy losses as deepening Sino-U.S. trade tensions weighed on the outlook for the global economy and energy demand.

Brent crude futures were down 11 cents, or nearly 2%, at 0823 GMT to set a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April.

U.S. West Texas Intermediate (WTI) crude futures were flat at $53.63.

Brent prices have plunged more than 9% over the past week after U.S. President Donald Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports from Sept. 1, sending global equity markets into a tailspin.