Benchmark crude oil prices fell by over 5 per cent after United States President Donald Trump announced sweeping new tariffs.
Investors are worried that the tariffs will cause a global trade war that will limit economic growth and cut fuel demand.
Nigeria’s crude oil grades were also affected.
Based on findings by THE WHISTLER, Nigeria’s crude grade, Bonny Light fell by 2.84 per cent to $78.62.
Brass River fell 1.77 per cent while Qua Iboe fell 1.76 per cent.
Brent Crude fell to $70.76 while West Texas Intermediate Crude fell by 4.24 per cent to $67.47 on Thursday.
United States President Donald Trump on Wednesday unveiled a 10 percent minimum tariff on most goods imported to the United States.
Traders and analysts are expecting more price volatility in the short term.
They believe that the tariffs may change as countries try to negotiate lower rates or impose retaliatory measures.
Trump imposed 14 per cent tariff on Nigeria’s export to the US.
“Trump is even fighting America’s neighbours; Canada and Mexico and their traditional European allies, so imposing 14 per cent tariffs on Nigeria shouldn’t come as a surprise.
“The good side of Trump policy is compelling countries to be less dependent on the US and find alternatives, said Shehu Sani, a former Nigerian Senator.
Nigeria already imposed a 27 per cent tariff rate on all American goods.
