BREAKING: Oil price sinks to lowest level in 16 years

The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 16 years as global markets continued to respond to the price war between Saudi Arabia and Russia amid the spread of the coronavirus pandemic.

Brent, against which Nigeria’s crude is priced, fell by $2.23 to $26.11 per barrel as of 4:42 pm Nigerian time on Wednesday, its lowest level since late 2003.

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