Naira faces pressure as oil prices drop below $70 for the first time since 2021

Brent crude oil futures fell below $70 per barrel for the first time since December 2021, driven by supply, demand concerns, and speculative selling.

U.S. supply disruptions from Tropical Storm Francine provided some support. Oil prices relinquished gains on Tuesday due to weaker demand outlook, global oil oversupply, and economic data from China and the US.

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