News Agency of Nigeria (NAN)

Oil prices bounce back

Deep water oil rig in Nigeria

Oil prices has bounced back to $46 per barrel after falling to $43 on Friday, its lowest since August.

The rise in prices according to traders was due to opportunistic buying following the sharp drop in prices in the last week occasioned by weak fundamentals.

Reuters reports that International Brent crude oil futures LCOc1 were trading at $46.00 per barrel in the early hours of Monday

On Friday, the global benchmark had fallen as low as $45.08, its weakest since Aug. 11.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 48 cents, or 1.09 percent, at $44.55 a barrel.

WTI hit $43.57 on Friday, its lowest since Sept. 20.

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