Brent Crude has risen from $27.34 to $32 per barrel earlier today with new hope for the Nigerian Economy.
Naija News Understands that the crude rose by 18.5% as at the time of coverage.
it will be recalled that Crude oil price rose on Thursday after President Donald Trump showed faith that the damaging oil price battle between Saudi Arabia and Russia can be settled.
West Texas Intermediate crude gained 9.6%, to $22.80 per barrel, after slipping 0.8% to settle at $20.31 yesterday. Brent crude surged 10% to $27.34 a barrel, as at 13.15 Nigerian time on Thursday.
West Texas Intermediate crude lost 66.5% in the first quarter of 2020, the biggest quarterly percentage loss based on records dating back to 1983. Brent crude also plunged 65.6% in the same quarter, the largest quarterly fall based on records dating to 1988.
In addition, China is moving ahead with plans to purchase more crude oil for its emergency reserves after an epic price fall.