Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains show no signs of slowing.

Brent crude futures LCOc1 stood at $75.35 a barrel at 0913 GMT, down $1.09 from the previous close and after touching a three-week low of $74.49 earlier in the session.

Reuter's news agency reports that U.S. West Texas Intermediate (WTI) crude futures were at $66.69, down $1.19, after hitting a six-week low of $65.80.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said timely approval of field development plan is a win-win situation for both the government and investors.

Kachikwu, in his presentation at a technical symposium organised by the Society of Petroleum Engineers, Nigeria in Lagos, described the FDP as one of the fundamental criteria in the development of upstream exploration and production projects in the country.

The Bureau de Change (BDCs) operators in Nigeria have been advised by the Central Bank of Nigeria (CBN) to access Foreign Exchange from it thrice a week.

CBN acting Director, Corporate Communications, Mr Isaac Okorafor who disclosed this in a statement on Sunday said the new directive would allow eligible travellers more access to foreign exchange and allow more liquidity to the market.

“All BDCs shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays.

Goldman Sachs made $200 million in profit on a single day this February as calm in stock markets was shattered with a historic surge in volatility, according to people with knowledge of the move. That's on par with what the firm's derivatives unit typically makes in an entire year, said the people.

The investment bank had positioned itself to benefit if the Cboe Volatility Index, the product sometimes called the "fear index" because it reflects expectations of future volatility, climbed, said the people, who declined to be identified speaking about internal matters.

After months of tranquil markets, on Feb. 5 the VIX surged 116 percent, the biggest one-day move on record, as the S&P 500 plunged 4.1 percent and the Dow Jones industrial average dropped more than 1,100 points.

The Nigerian National Petroleum Corporation, NNPC, Friday, said it has introduced measures to ensure the full and effective implementation of its 2018 budget.

The NNPC in a statement in Abuja, said this was the outcome of a top Management Steering Committee Meeting to review the first quarter performance report and close out on 2017 operations.

Speaking at the meeting, the Group Managing Director of the NNPC, Mr. Maikanti Baru, charged all the Chief Operating Officers (COOs) of the Autonomous Business Units (ABU) and Managing Directors of Strategic Business Units (SBUs), as well as Heads of Corporate Services Units (CSUs) to focus more on the implementation aspect of the budget.

President Muhammadu Buhari has requested Senate confirmation on the appointment of five non-executive Directors of the Nigeria’s apex bank, CBN. The President’s request was contained in a letter addressed to the Senate Leadership, and read on the floor of the Senate during wednesday’s plenary session. The nominees were drawn from five of the country’s six geo-political zones.

With Italy in political turmoil, oil prices on the rise and North Korea tensions back on the burner, the last thing the global economy needs is a big lurch towards a trade war further clouding the outlook.

But that is exactly what the Trump administration faces if it does not extend temporary exemptions on steel and aluminium imports from Europe that expire on Thursday, according to Reuter's news agency.

The Europeans have opportunities for last minute diplomacy when the Organisation for Economic Cooperation and Development holds its annual ministerial council in Paris on Wednesday.

The dollar rose against the other major currencies in Asia on Wednesday morning, after climbing to a fresh new high this year on Monday.

The warming trade relations between the U.S. and China helped revive risk appetite. Markets also eye the Federal Reserve’s minutes that will come on Thursday in Asia to look for cues for rate hikes.

The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 93.62, up 0.12% at 11:36AM ET (03:36 GMT).  On Monday, the greenback climbed to another fresh high this year at 93.91, testing the 94 level.

The National Industrial Court, Abuja, on Thursday affirmed the dismissal of one Hauwa’u Idirisu, from Union Bank, over her involvement in fraudulent pension fund transactions as lawful. Idirisu was dismissed for gross misconduct when it was discovered that her password was used to upload files that contained fraudulent deductions and diversions on a Military Pension Fund account.

China has announced it will open up its automobile market by significantly slashing import tariffs on vehicles from July 1st. The announcement by China's State Council on Tuesday will be greeted with enthusiasm by car manufacturers eager to sell their products on an ever-expanding Chinese market.

For car imports, the 25-percent tariff levied on 135 items and the 20-percent duty on four items will both be slashed to 15 percent.

Meanwhile, import tariffs for 79 items of auto parts will be reduced to 6 percent from the current levels of 8 percent, 10 percent, 15 percent, 20 percent, and 25 percent.