The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the extent of the COVID-19 pandemic became clear.
The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil.
Brent, against which Nigeria’s oil is priced, increased by $0.76 to $60.10 per barrel as of 12.26 pm Nigerian time on Monday, its highest level since January 23, 2020, while the United States West Texas Intermediate rose by $0.68 to $57.53 per barrel.
