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Good news for Nigeria as oil price hits $73.79 per barrel

Good news for Nigeria as oil price hits $73.79 per barrel

- Nigeria recently experienced an increase in its sale of crude oil as price of one barrel rises to $73.79

- While Brent crude oil went up to 73.79 dollars per barrel,West Texas Intermediate (WTI) crude went down to 68.40 dollars

- It was reported that oil prices have been pushed up by a gradually tightening market

A commendable increase in Nigeria’s oil earnings has been reported as being steady as prices held firm on Friday, April 20, near three-year highs reached earlier this week as ongoing OPEC-led supply cuts, as well as strong demand, gradually pushed down excess supplies.

Brent crude oil futures were up at 73.79 dollars per barrel at 0440 GMT, while US West Texas Intermediate (WTI) crude futures down two cents at 68.40 dollars a barrel, the Vanguard reports.

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Brent, produced by Nigeria, and WTI hit their highest points since November 2014 at 74.75 and 69.56 dollars per barrel respectively.

WTI is set for its second weekly gain. Oil prices have been pushed up by a gradually tightening market. Led by top exporter Saudi Arabia, the Organization of Petroleum Exporting Countries (OPEC) has been withholding production since 2017 to draw down a global supply overhang. The tighter oil market is feeding into refined products.

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Oil supply tightness is also due to healthy oil demand. Apart from OPEC’s supply control, crude prices have also been supported by an expectation that the United States will re-introduce sanctions on Iran, an OPEC-member state.

Earlier, reported that oil price rose above 68 Dollars a barrel to the highest since May 2015, supported by unrest in Iran that raised concerns about supply risks, cold weather in the US, boosting demand and OPEC-led output cuts.

Six days of anti-government protests in OPEC’s third-largest producer added a geopolitical risk premium to oil prices, although Iran’s production and exports had not been affected.

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