Bonny Light Rises to $70.25 Despite Global Oil Price Decline

Nigeria’s Bonny Light crude rose to $70.25 per barrel this week, defying a broader decline in global oil benchmarks as sustained demand from key trading partners supported prices.

The grade gained 1.39 per cent, even as Brent crude slipped 0.62 per cent to $66.40 per barrel and US WTI lost 0.81 per cent to $63.40 per barrel.

Analysts attributed Bonny Light’s resilience to improved domestic output, higher investments, and a sharp decline in oil theft.

Global crude markets weakened on the back of bearish drivers, including OPEC+ signalling possible supply increases, reduced US crude exports, rising trade tensions, and lingering uncertainty over Russian energy sanctions.

While Bonny Light held firm, analysts warned that a stronger US dollar and softer global crude prices could cap further gains.

Meanwhile, Nigeria’s external reserves rose by 1.07 per cent to $40.72 billion, according to Central Bank of Nigeria (CBN) data, buoyed by stronger foreign inflows and offering a buffer to support the naira.