The price of crude oil fell on Tuesday after rising sharply on Monday, with Brent crude declining to about $105 per barrel and West Texas Intermediate (WTI) dropping to $92 per barrel.

A market survey by DAILY POST showed that both crude benchmarks had risen to as high as $107 per barrel on Monday before declining the following day.

At the weekend, Brent and WTI crude prices surged amid reports that United States President Donald Trump had rejected Iran’s offer of a seven-day truce.

The Iranian authorities had reportedly made the peace proposal at the 81st United Nations General Assembly (UNGA 81). However, Trump told reporters outside the White House, “I reject their proposal.”

His statement reportedly contributed to the rise in crude oil prices on Monday before the market eased on Tuesday.

DAILY POST reports that Dangote Refinery, MRS and other filling stations in Nigeria had reduced petrol prices by between N20 and N25 per litre.