Oil prices fell on Tuesday, August 19, 2025, over the possibility that the meeting between the United States (US), Russia, and Ukraine could lead to the easing of sanctions on Russian crude, leading to an increase in the supply of the commodity.
According to data from oilprice.com, Brent crude was down by 1.01% or 67 cents to trade at $65.93 per barrel, while the West Texas Intermediate (WTI) was down by 1.23% or 78 cents to trade at $62.64 per barrel at the time of writing this report on Tuesday afternoon.
This could further put Nigeria’s fiscal plan, especially for 2025, in serious jeopardy, as this will worsen the budget deficit of the Federal Government.