Oil prices ease on profit taking, Nigeria clocks 50 as OPEC member

Oil prices fell slightly on Tuesday amid profit taking after rallying the previous day on hopes for a quick recovery in demand in the U.S. and Europe.

This is coming as Nigeria will be clocking 50 years as a member of the Organisation of Petroleum Exporting Countries (OPEC).

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Brent crude futures for August settlement dropped 47 cents, or 0.6 percent, to 74.43 dollars per barrel, while U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 50 cents, or 0.7% at 72.62 dollars a barrel.

Brent jumped 1.9% and WTI climbed 2.8% in the previous session.

Meanwhile, OPEC in a statement on Tuesday said it will, on July 12, mark the 50th anniversary of Nigeria’s membership.

OPEC’s Secretary-General, Dr Mohammad Barkindo, said Nigeria was unanimously accepted as the 11th Member of OPEC on July 12, 1971.

According to Barkindo, that day has been of historic importance for Nigeria and OPEC. “To commemorate this landmark date, the OPEC Secretariat has pieced together a special OPEC Bulletin.

“We will interview high-level figures and examine and explore other topical issues surrounding Nigeria.’’

Barkindo said that the focal interview would be with President Muhammadu Buhari whom he described as an OPEC veteran for over 40 years.”

The OPEC Secretary-General would deliver a keynote address to the 20th Nigeria Oil and Gas Conference which will be held from July 5 to July 8. [NAN]