Oil prices extended gains yesterday buoyed by the suggestion by the Russian Deputy Prime Minister, Alexander Novak, that the Organisation of Petroleum Exporting Countries (OPEC) and its allies could reverse its output increase after April.
However, prices were still on track for a more than 3 per cent weekly decline on concerns over US tariff policies.
Brent crude, Nigeria’s price benchmark, rose 99 cents, or 1.4 per cent, to $70.45 a barrel in the afternoon yesterday, as US West Texas Intermediate (WTI) futures were up 93 cents, also 1.4 per cent, at $67.29.
The marginal rise in the price of crude oil portends mixed signals for Nigeria. While rising prices could mean higher revenues for the country, it also means that Nigerians could pay more at the pumps for petrol, a major need for many families and businesses in the country.