The Brent crude on Monday dropped by 5% to $62.21 per barrel. The volatility of oil prices can be attributed to fears over oil demand, as the UK announced that the ban on international travel would likely go on beyond May 17 if the infection rate of the coronavirus disease continued to rise globally.
Brent, against which Nigeria’s oil is priced, dropped by $2.65 to $62.21 per barrel on Monday, while the United States West Texas Intermediate fell by $2.75 to $58.70 per barrel.
The United Kingdom may delay global travel beyond May 17 if COVID-19 infections continue to surge around the world, while Italy also extended some restrictions for travelers, adding further pressure to a recovery in oil consumption.