The price of Brent, against which Nigeria’s crude oil is priced, continued its fall for the third day this week and dropped to $57.71 per barrel on Wednesday.

It lost $1.18 when compared to the price recorded the preceding day.

Also, crude oil in the OPEC basket dropped in price on Wednesday, shedding $1.42 to close at $61.09.

Crude oil prices had varied sharply on Tuesday, as Brent dropped in price, while the commodity in the OPEC basket appreciated marginally.

Brent dropped to $58.61 per barrel, based on oil price update as of 2.20pm Eastern Daylight Time on Tuesday, shedding $0.64.