Oil Prices Rebound as OPEC Signals Increased Supply

Oil prices dipped from $100 per barrel after OPEC signaled an increase in supply. The Organization of Petroleum Exporting Countries (OPEC) pledged to raise production, which helped ease concerns over global energy supplies.

Brent crude declined by three percent to $96 per barrel, while West Texas Intermediate (WTI) fell 2.58 percent to $89.81 per barrel.

The drop in oil prices came a day after Brent and WTI surged to $100.67 and $92.19 per barrel, respectively, due to concerns over the security of global energy supply routes following attacks on Saudi-linked oil tankers.

In Nigeria, the volatility has kept petrol prices elevated. Dangote Refinery's gantry price for Premium Motor Spirit (PMS) now stands at N1,215 per litre, while Nigerians buy the product at between N1,200 and N1,300 per litre in Lagos and other major cities.