Nigerian crude oil grades recorded stable gains at mid-week trading, even as global benchmarks came under renewed pressure. Data from Wednesday’s session showed that key Nigerian blends, including Bonny Light and Brass River, settled at $71.4 per barrel, maintaining momentum despite volatility in the broader oil market.
By contrast, international crude prices slipped further on Thursday, extending losses from earlier in the week. Brent crude dropped 1 percent to $67 per barrel, after shedding more than 2 percent in the previous session. U.S. West Texas Intermediate (WTI) also fell 1 percent, trading at $63.4 per barrel.
Analysts attributed the decline in global benchmarks to heightened caution among traders ahead of this weekend’s OPEC+ meeting, where producers are expected to revisit output targets. Market sentiment suggests the group could consider raising production quotas once again, a move that could add downward pressure on prices in the near term.
The divergence between Nigerian crude and global benchmarks underscores the resilient demand for West African grades, which remain attractive to refiners due to their high quality and low sulphur content. Market watchers note that sustained performance of Nigerian blends could provide a buffer for the country’s foreign exchange earnings, particularly at a time of fiscal pressure at home.
However, the overall outlook for oil remains uncertain, as supply-side decisions by OPEC+ and shifting global demand patterns continue to weigh heavily on investor confidence.
