Oil Prices Struggle Amid Global Economic Factors

Oil prices, including Brent crude and WTI crude, dropped significantly, with Brent settling at $62.73 per barrel and WTI at $58.90 per barrel. Nigeria's budget relies on a crude production target of 2.06 million barrels per day at a benchmark price of $75 per barrel.

Geopolitical issues, such as the Gaza ceasefire and US-China trade tensions, are affecting oil prices. OPEC's production cuts are also contributing to the market dynamics.