Crude oil prices witnessed significant decline on Thursday as IWest Texas Intermediate crashed by as much as 8.68 per cent during intra-day trading activities.
Financial Street gleaned from oilprices.com that Brent crude slipped by 8.01 per cent to $62.55 per barrel. This represents the biggest single day drop since April 2020, when oil traded in negative territories.
The sudden decline could be attributed to increased crude inventories in the United States, which increased fear of a resurgence in Coronavirus Disease cases and concerns regarding the safety of the administered vaccines in Europe.
Thursday’s slump represents the fifth day in a row for oil price declines in the global market.
Meanwhile, the decline in the price of crude oil is worthy of concerns for Nigeria, as it suggests a decline in export revenue. The country still depends heavily on crude oil as a source of revenue and foreign exchange.
