Oil prices dip after recent rally

The price of crude oil has on Monday, May 2, dipped after enjoying a strong rally last week.

It was gathered that US benchmark West Texas Intermediate (WTI) slipped 42 cents, or 0.91% to $45.50, while Brent crude sank 55 cents, or 1.16% to $46.82.

This comes just days after WTI rose 5.0% and Brent 6.7% to push the month of April’s gains to around 20% for both contracts.

The commodity had surged for four weeks thanks to a weaker dollar.

Iraq, the second largest producer in the OPEC cartel — said it Sunday exported 3.36 million barrels a day last month, according to Bloomberg News, close to the record 3.365 million seen in November.

However, analysts had warned that the gains would be limited owing to still weak
demand, the long-running glut and the temporary natureof the disruptions.

Nigeria depends on crude exports for 70% of government revenue and some 90% of its foreign exchange earnings.