The international oil benchmark, Brent crude, against which Nigeria’s oil is priced, increased by $0.53 to $61.09 per barrel as of 8:50pm Nigerian time on Tuesday, while the United States West Texas Intermediate rose by $0.39 to $58.36 per barrel.
Brent had hit the $60 per barrel mark on Monday for the first in more than a year.
The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil.
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OPEC and its Russia-led allies, a group called OPEC+, announced last week that there was ‘high compliance’ among member states with agreements to limit supply to prop up prices.
Since December 31, 2020, when it closed at $51.22 per barrel, Brent has risen by more than 18 per cent.
