The price for Brent crude oil fell below Nigeria’s benchmark of $40 per barrel on Thursday to a four-month low of $37.

This comes amidst fear of a new collapse at the price of oil globally as countries enter a second lockdown phase to stop the spread of Coronavirus.

Brent dropped 3.5% to $37.75 a barrel in London, being the lowest since May, while US crude dropped by 3.6%, to $36 as supply continued to outstrip demand.

Nigeria depends on oil revenue to fund its government and a further drop in the price of oil could see the nation plunge into recession.

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