Business

Oil price falls to $26, its lowest level in 16 years

Crude Oil

On Wednesday, the price of crude oil fell to the lowest level in 16 years.

This came as global market continue to suffer the ongoing war between Saudi Arabia and Russia amid the global CoronaVirus pandemic.

The Brent this evening fell to $26.11 per barrel, the lowest level recorded since 2003.

The current situation has a very negative effect on Nigeria which is a struggling nation even during oil price boom.

Nigeria, heavily dependent on oil revenue prepared the 2020 Budget on a target of $57 per barrel.

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