Nigerians Jubilate as the country’s Crude Oil Hits $113 Per Barrel, Trades Above Brent Amid Strong Market Rally
Nigerians Jubilate as the country’s Crude Oil Hits $113 Per Barrel, Trades Above Brent Amid Strong Market Rally
Nigerian crude oil strengthened in Thursday’s trading, with Brass River crude rising to about $113 per barrel, outperforming Brent crude, which slipped below the $95 per barrel mark. The movement highlights a stronger performance in Nigerian crude grades compared to global benchmarks during the latest market session.
The gains came as global oil markets recovered from earlier losses in Asian trading, supported by improved economic data from China, the world’s largest crude importer. The better-than-expected growth boosted expectations for stronger oil demand and helped stabilize sentiment across crude contracts.
In the physical market, West African crude grades had earlier surged sharply toward $140–$150 per barrel due to a scramble by refiners seeking alternatives after disruptions in Middle Eastern supply. Prices have since eased back below the $120 per barrel level as supply pressures reduced and the market adjusted.
Global benchmarks remained relatively stable but slightly mixed. West Texas Intermediate (WTI) crude traded steady around $88 per barrel, while Brent crude futures edged up by about 0.1 percent to around $95 per barrel. Despite these movements, market direction remained uncertain due to geopolitical risks and expectations around possible easing of U.S.–Iran tensions.
China’s economy also played a key role in market sentiment, expanding by 5 percent year-on-year in the first quarter of 2026. The growth, driven by strong exports and improving domestic consumption, supported oil demand expectations, although some data suggested a slowdown in momentum toward the end of the quarter.
Overall, the oil market remains volatile, with Nigerian crude showing relative strength amid shifting global supply conditions and mixed demand signals.
