Nigerian crude oil recorded strong gains in Thursday’s trading session, with Brass River crude rising to about $113 per barrel, outperforming the global benchmark Brent crude, which slipped below $95 per barrel.
The development highlights the relative strength of Nigerian crude grades compared to international benchmarks during the latest trading session.
The upward movement followed a recovery in global oil markets after earlier losses recorded in Asian trading, driven largely by improved economic data from China, the world’s largest crude importer. The stronger-than-expected growth figures boosted optimism about global oil demand and helped stabilise market sentiment.
In the physical market, West African crude grades had earlier surged to between $140 and $150 per barrel amid a scramble by refiners seeking alternatives following supply disruptions in the Middle East. However, prices have since moderated to below $120 per barrel as supply pressures eased and the market adjusted.
Meanwhile, West Texas Intermediate (WTI) traded steady at around $88 per barrel, while Brent crude futures edged slightly higher by about 0.1 percent to hover near $95 per barrel. Despite the modest gains, the overall market outlook remains uncertain due to ongoing geopolitical tensions and expectations of a possible easing of U.S.–Iran relations.
China’s economy expanded by 5 percent year-on-year in the first quarter of 2026, supported by strong exports and improving domestic consumption. The growth has reinforced expectations of sustained oil demand, although indicators suggest momentum may be slowing toward the end of the quarter.
Overall, the oil market remains volatile, with Nigerian crude maintaining a strong position amid shifting global supply dynamics and mixed demand signals.
