The prices of crude oil in the international market declined further on Monday raising fears that the Organisation of Petroleum Exporting Countries,
. which has seen its
influence on the world oil markets dwindled in recent months, could face significant repercussions.
Global benchmark Brent and United States’ benchmark West Texas Intermediate dropped to fresh five-and-a-half-year lows on Monday. Brent fell $3.33 to $53.03 per barrel
and the WTI dropped by $2.27 to $50.42.
The further dip in the prices occurred on the back of lingering concerns about a surplus of global supplies amid weak demand, exposing oil-exporting countries such as Nigeria to further risks.
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