On Thursday, the crude oil market closed on a positive note as Brent Crude, a benchmark crude product used in assessing the performance of the market gained 0.11% to close at $79.32 per barrel.
According to the Energy Information Administration (EIA) on Tuesday, an inventory draw of 3.6 million barrels for the Christmas week compared to the report of the American Petroleum Institute, which estimates crude oil inventory draw of 3.09 million barrels for the same week.
However, West Texas Intermediate crude product dipped marginally by 0.07% to close at $76.51 per barrel on Thursday, while natural gas also dipped by 6.88% to close at $3.585. The OPEC basket has remained flat for the past one week at $74.23 per barrel of crude.
Nigerian crude products, Brass RIver and Qua Iboe, also closed positive with 1.21% gain to close at $77.01 per barrel. It is worth noting that the data on the price for the Nigerian crude products are six days delayed.
Bonny Light also gained 3.34% to close at $77.9 per barrel.