Global oil prices started the first trading day in 2025 on a positive note as Brent Crude and West Texas Intermediate (WTI) prices surged.
Brent Crude and West Texas Intermediate (WTI) went up by 0.13 and 0.14 percent, respectively, at $76.03 and $73.25. The market sentiment turned positive on expectations of stronger economic and oil demand growth in 2025.
Thursday’s Brent Crude price is above the $75 per barrel oil price benchmark for Nigeria in its proposed 2025 budget.
For 2024, oil saw a second consecutive year of annual declines, falling by about 3 percent compared to the last closing price of 2023.
In November 2024, Nigeria’s crude production rose to 1.81 million barrels per day, according to the Nigerian National Petroleum Company Limited.
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