Just yesterday, Nigeria’s Bonny Light and other crude oil grades rose from $49 per barrel to over $50 per barrel in the global market following a significant drop in the inventories of United States.

A thorough survey of the oil markets showed that the price of Brent, usually used to benchmark other crude oil grades rose from $46 to $50.42 per barrel. It also showed that the prices of WTI and the Organisation of Petroleum Exporting Countries, OPEC Basket stood at $47.54 and $46.87 per barrel respectively.




According to OPEC, “The price of OPEC basket of thirteen crudes stood at $46.83 a barrel on Tuesday, compared with $46.87 the previous day.”

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