Oil price tumbles to $68, Nigeria’s production faces setbacks - Punch Newspapers

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The international oil benchmark, Brent crude, extended its losses on Monday, falling below the $70 per barrel mark to its lowest level since May.

A stronger US dollar also depressed oil prices as it makes crude more expensive for holders of currencies other than the greenback. Nigeria oil output remained hampered by operational and technical problems in July, S&P Global Platts quoted sources close to the matter as saying on Monday. Nigerian crude and condensate output stayed stable at 1.64 million barrels per day in July, according to data from the Department of Petroleum Resources.

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