Global Oil Price Benchmark Continues Downward Trend

The global oil price benchmark, Brent crude, has extended its decline,
plummeting to nineteen dollars per barrel on Tuesday, amid the demand
collapse caused by reduced economic activity.
Brent, against which Nigeria’s crude oil is priced, fell by six point
three four dollars to nineteen point two three dollars per barrel as
of one minute past eleven o’ clock in the morning, Nigerian time on
Tuesday, while US WTI stood at minus eight point zero -zero dollar per
barrel.
The Federal Government had recently slashed the oil price benchmark
for the 2020 budget to thirty dollars per barrel from fifty-seven
dollars per barrel.
Oil prices have been steadily falling since the outbreak of
coronavirus, and the demand for crude has plunged as many countries
were forced to impose lockdowns to contain the virus.