Oil prices appeared poised for their second consecutive weekly decline as concerns about demand and skepticism regarding a potential nuclear deal between the United States and Iran continued to drive prices lower on Friday. The decline in prices persisted as both benchmarks experienced a decrease of about US$1 on Thursday. This slight rebound followed a larger earlier loss of over US$3 when the Middle East Eye reported that a nuclear deal was imminent, which was subsequently denied by both the U.S. and Iran. Consequently, the week is likely to conclude with oil price benchmarks showing losses of around 1%, mirroring the previous week’s decline. Analysts expect oil prices to remain within a similar range in the upcoming week due to worries about demand in the United States and China. Domestically, analysts expect petrol prices to largely surpass N500 per litre as marketers face the reality of the new ex-depot prices.
