Global oil prices kicked off the new year on a positive note, with Brent Crude and West Texas Intermediate (WTI) recording slight increases.
According to GlobalOil.com, Brent Crude rose by 0.13% to $76.03 per barrel, while WTI increased by 0.14% to $73.25 per barrel as of the latest trading session.
Market analysts attribute the upward trend to growing optimism about stronger global economic performance and increased oil demand in 2025.
The rise in oil prices surpasses Nigeria’s 2025 budget benchmark of $75 per barrel, providing a potential boost to the nation’s revenue projections.
In 2024, oil prices experienced a second consecutive year of declines, with annual drops of approximately 3%. However, Nigeria’s crude production showed improvement, reaching 1.81 million barrels per day in November 2024, according to the Nigerian National Petroleum Company Limited (NNPCL).
