-November Nymex light, sweet crude on the New York Mercantile Exchange was recently down 0.2% at $50.55 a barrel in the Globex trading session, while ICE Brent fell 6 cents to $56.80.
WTI crude saw a rise of 1.5% last week, while Brent ended about 2.2% higher for the week.
Nigeria has been given another extension in respect of oil production output ceiling, thereby raising hope of her recovering fully from the economic recession she just marginally exited recently.
The state-owned company calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis, depending on the price of global crude.
Oil prices have been volatile and sometimes stuck in a range this year as OPEC attempts to clear a three-year long glut in world crude supplies were often met with skepticism by traders and investors.
Improving global growth, especially in emerging economies and the eurozone, is also pushing up oil prices by increasing demand for energy, while the damage to U.S. shale output in the wake of Tropical Storm Harvey could also lift Brent. "At the same time, without any firm plans for after March 2018, discussions will start about the end game of the OPEC deal and erode confidence".
"Continued declining USA oil rigs and continued declining inventories is giving support to oil", said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo. Nigeria, which said it would join the cuts once its daily output rate reached 1.8 million bpd, produced 1.86 million bpd, secondary source data suggested. "The moment we close the tap, then it's done", he said in a speech at a forum in Istanbul.
Kachikwu noted that even though Nigeria hit 1.802 million barrels per day in the month of August that was not enough justification for a call by some countries for Nigeria to be brought into the fold.
But Britain's economy is expected to suffer more generally should prices continue to rise towards $60 a barrel.