Nigeria’s crude oil price declines by 0.84 per cent

Price of Nigeria’s Light Sweet Crude Oil futures has dropped from $45.17 to $45,08 as at Monday due to weakened Chinese equities and global oversupply . This represents 0.84 per cent decline.

Besides, North Sea and Nigeria will ship the most crude in more than three years in October, adding to downward pressure on oil prices, just as demand wanes from refiners shutting down for seasonal maintenance.

China’s main indexes closed down on Monday as investors sold shares in the aftermath of a four-day market holiday, during which further restrictions on futures trading were announced.

Brent crude for October was down 70 cents at $48.91 a barrel by 1315 GMT. U.S. crude for October was down 60 cents at $45.45.

The price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood stood at $46.80 a barrel on Friday, compared with $47.37 the previous day.

Output of North Sea grades will reach the highest since May 2012 next month, according to loading programs compiled by Bloomberg. Supplies from Nigeria, the biggest oil producer in Africa, are set to reach a level not