Crude oil prices rose on Sunday evening with Brent crude rising by 2.04% to close at $66.44.
Oil benchmarks suffered their worst week in more than a month as the market considered the consequences of a potential nuclear deal that could lift U.S. sanctions against Iranian crude.
Analysts were of the view that the key to knowing whether the potential rise in Iranian output upsets global inventory drawdowns is how early the country re-enters the oil market.
At the moment, there have been reports that Nigeria has been struggling to sell some of its oil in the global oil market, due to the reduction in the buying capacity of India as a result of the covid upsurge.
The decline in oil sales by Nigeria was also attributed to the increased exportation of light crude oil by the United States, which competes with Nigeria’s oil.
WTI crude rose by 2.65% on Thursday to close at $63.58, Bonny light rose by 0.74%, while Natural Gas dropped by 0.65% to close at $2.906.
