Nigeria: Oil Price Exceeds $73 On Improving Demand Outlook

15 June 2021

The international price of crude oil continued its rise yesterday, extending three weeks of gains on the back of improving outlook for fuel demand as countries ramp up the lifting of travel restrictions, leading to tightening commodity supply.

While Brent crude, Nigeria's oil benchmark, was up by over 35 cents, or more than 0.7 per cent, at $73.47, the highest since May 2019, U.S. West Texas Intermediate (WTI) gained over 31 cents or 0.5 per cent, to stand at $71.73 a barrel, earlier reaching the highest since October 2018.

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