Nigerian crude prices steadied near $67 per barrel on Monday as global oil markets rebounded sharply from last week’s steep decline. The recovery followed renewed investor optimism that U.S.–China trade tensions might ease after mixed signals from both governments. Bonny Light remained firm at $67, while Brent crude climbed to $63.76 and WTI gained 2% to $59.92. Analysts described the rally as a short-term correction driven by bargain hunting after prices were oversold.
The rebound was supported by cautious OPEC+ output management and sustained investor inflows into the energy sector, following signs that demand could stabilize. In Nigeria, attention also shifted to domestic investment after the government unveiled its first fully Nigerian-owned Floating Storage and Offloading (FSO) vessel near Bonny. The 2.2-million-barrel facility was financed through a partnership of local operators and financiers under Oil Mining Lease 18.
The FSO is expected to enhance production logistics, reduce pipeline vandalism, and strengthen Nigeria’s crude export efficiency amid global price volatility.
