By Atoyebi Nike
Nigerian Bonny Light crude climbed to $70 per barrel on Monday as Ukraine’s drone attacks on Russian oil facilities heightened supply concerns and expectations of a U.S. rate cut lifted demand outlook. Brent rose to $68, while WTI gained to $63.81.
Nigeria’s production averaged 1.5 million barrels per day in July, surpassing its OPEC+ quota for the second straight month. Demand from India, which bought two million barrels for September and October, also supported prices.
Analysts say competition may intensify as the $20bn Dangote Refinery, now sourcing all its feedstock locally, reshapes Nigeria’s oil market. While prices have rebounded, OPEC+ supply increases and weaker demand growth continue to pose medium-term risks.
