Global crude oil prices declined on Monday, with Brent crude futures falling to $97.12 per barrel and US West Texas Intermediate (WTI) dropping to $90.21 per barrel.
Data obtained from Oilprice.com showed that Brent shed $1.20, representing a 1.22 per cent decline, while WTI lost $0.62, or 0.68 per cent.
The downturn contrasted with the performance of Murban crude, which gained $3.28, or 3.42 per cent, to trade at $99.17 per barrel.
Other petroleum benchmarks also recorded losses. The OPEC Basket Reference fell by $6.05, or 6.25 per cent, to $90.82 per barrel, while the Indian Basket Reference dropped by $12.48, or 11.66 per cent, to $94.52 per barrel.
Similarly, WTI Midland futures declined by $0.68, or 0.74 per cent, to $90.88 per barrel.
In the refined products market, gasoline futures fell by 0.36 per cent to $2.767, while heating oil declined by 0.12 per cent to $4.327.
Natural gas futures, however, edged up by 0.07 per cent to $3.00.
The movement in crude prices is significant for oil-producing countries, including Nigeria, where international benchmarks influence export earnings, foreign exchange inflows and government revenue.
