April 16, (THEWILL) — Nigerian crude grades rebounded in Asian trading on Thursday, recovering from earlier losses and trading at a notable premium over global benchmark Brent, supported by stronger-than-expected economic data from China.
Brass River, a key Nigerian crude stream, climbed to $113 per barrel, maintaining a wide margin above Brent, which slipped below $95 per barrel.
Meanwhile, Bonny Light, Nigeria’s flagship grade, has been on a downward trend over the past week, reflecting broader volatility in the market.
West African crude had recently surged, with physical spot prices climbing as high as $140–$150 per barrel amid a scramble by refiners to replace disrupted Middle Eastern supply.
However, those gains have since eased, with prices falling back below the $120 mark.
Despite Thursday’s modest recovery, the oil market has faced sharp losses this week.
Gains have been limited by expectations of easing geopolitical tensions, particularly around potential progress in U.S.-Iran cease-fire negotiations.
In the futures market, U.S. benchmark West Texas Intermediate held steady at $88 per barrel, while Brent edged up 0.1 per cent to trade around $95 per barrel.
Market sentiment was supported by fresh data showing China’s economy grew by 5 percent year-on-year in the first quarter of 2026, surpassing official targets.
The expansion, driven by strong exports and a rebound in domestic consumption, boosted optimism about oil demand from the world’s largest crude importer.
However, some indicators suggest momentum may have softened toward the end of the quarter, tempering the overall outlook.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
