Global crude oil prices declined on Wednesday, with both the Brent and West Texas Intermediate, WTI, benchmarks recording losses of nearly one percent.
Checks by DAILY POST showed that Brent crude fell 0.79 percent to $84.06 per barrel, while WTI crude also declined 0.79 percent to $78.71 per barrel.
The latest price movement comes after recent volatility in the oil market amid heightened tension in the Middle East.
On Tuesday, United States President Donald Trump said a strike against Iran will continue.
DAILY POST reports that the dynamics of crude oil prices directly impact domestic fuel prices in Nigeria.
Recently, the Dangote Refinery resumed the sale of gantry-refined petroleum products in dollars, a major shift in the country’s oil downstream sector.
Depot owners on Tuesday increased ex-depot fuel prices amid crude oil price volatility, while the Dangote Refinery gantry price stood at N1075 per liter.
Meanwhile, retail fuel prices have remained flat between N1155 and N1205 per liter on Wednesday.
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