Brent crude oil prices on Thursday contracted by 2.96% from its previous closing price to $51.58 per barrel.
This drop is a result of the threat the global market is facing following the outbreak of the Wuhan coronavirus.
According to Reports the virus has killed over 2,800 and infected more than 82,000 to date.
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Though Nigeria has not recorded any case, the impact of the virus is being felt globally.
Nigeria depends on the oil market for an estimated 90% of export earnings and more than 50% of government revenue.
The latest selloff price for Brent crude is $5 lower than Nigeria’s $57 crude oil benchmark in the 2020 budget and this does not speak well for the country’s economy.
Meanwhile U.S. West Texas Intermediate fell more than 5.2% to a session low of $46.18, its lowest level since January 2019.